The Riverside Company has sold Commonwealth Laminating & Coating Inc. to an “undisclosed group of investors.” No financial terms were disclosed, although Riverside said the deal produced a 10x cash-on-cash return. CLC is a Virginia-based maker and distributor of window film used for solar protection, aesthetics and security.
Harris Williams & Co. is pleased to announce the sale of Commonwealth Laminating & Coating Inc. (“CLC”), a portfolio company of The Riverside Company (“Riverside”), to an undisclosed group of investors. The transaction closed on August 18, 2010 and was led out of the Richmond office by Ned Valentine, Derek Lewis, and Joe Conner, head of the firm’s Transportation & Logistics Group.
CLC is a leading manufacturer, marketer and distributor of solar control window films designed to enhance energy conservation, safety, security and aesthetics in residential, commercial and automotive applications globally. With true market leading capabilities in product development and innovation, process design, manufacturing and distribution, the Company has continued its decade long record of outstanding growth to become a major global player in the solar control window film market.
Riverside (www.riversidecompany.com) is a global private equity firm focused on acquiring leading small and medium-sized enterprises (with a value of up to $200 million) and partnering with strong management teams to enhance the success of its companies through acquisitions and organic growth. Since its founding in 1988, the firm has invested in 236 transactions with a total enterprise value of $5.0 billion. The investment portfolio in North America, Europe, and Asia includes 71 companies with annual sales totaling $3.3 billion, EBITDA of $506 million, and more than 13,000 employees. Riverside offers the resources to complete acquisitions smoothly – thanks to its more than $3.0 billion in assets under management, more than 185 professionals in 19 offices and its longstanding relationships with partner lenders. According to Thomson Venture Economics, seven of Riverside’s nine mature funds rank in the top 25% of all funds (as at December 31, 2009). The firm’s investors include the world’s leading pension funds, endowments, funds of funds, insurance companies and banks.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market and provides sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
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