Resilience Capital Partners Acquires Riverside Manufacturing Company As Add-On To Affinity Specialty Apparel
30 Sep 2014
PR Newswire Association LLC
CLEVELAND, Sept. 30, 2014 /PRNewswire/ -- Resilience Capital Partners, a Cleveland-based private equity firm, has announced the acquisition of Riverside Manufacturing Company ("Riverside"), a manufacturer, seller and distributor of flame-resistant clothing, work wear, and casual apparel. Riverside is Resilience Capital Partners' first add-on acquisition by its Affinity Specialty Apparel ("Affinity Apparel") investment platform, which it acquired in December 2013. Affinity Apparel is a leader in the selling and distributing of occupational apparel and services through managed direct purchase uniform programs.
Bassem Mansour, Co-CEO of Resilience Capital Partners stated "Riverside is an excellent complement to Affinity resulting in an even larger blue-chip customer base and diverse product offering across a wide variety of industries including transportation, retail petroleum, hospitality, industrial, beverage distribution, electrical and gas utilities. Resilience remains committed to continuing to invest capital to support the Affinity team and this platform." Michael DiMino, CEO of Affinity Apparel, added "Acquiring Riverside, with its tremendous position in the protective apparel marketplace, strengthens our competitive position in the direct sale uniform business and takes us one step closer to our long term objective of creating an industry leader in the sector."
"We are excited to join the Affinity Apparel family, which provides us the opportunity to introduce our products to new customers, further strengthening the Riverside brand" said Lisa Zeanah, Former President and CEO of Riverside. Lisa will be joining Affinity Apparel as the new Vice President of Business Development.
About Resilience Capital Partners
Headquartered in Cleveland, OH, Resilience Capital Partners invests in niche-oriented manufacturing and business service companies located in the Midwestern and Mid-Atlantic United States with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it can improve a company's operations, competitive positioning and profitability. Since its founding in 2001, Resilience Capital has invested in 41 companies under 23 platforms. Its portfolio companies today employ more than 7,000 people in more than 15 states and collectively represent over $2 billion in revenues. Resilience manages in excess of $320 million for its global investor base which includes pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers, and investment consultants. For more information, please visit www.resiliencecapital.com.
About Affinity Specialty Apparel
Headquartered in Dayton, OH Affinity Specialty Apparel specializes in the selling and distributing of occupational apparel and services, including the design, marketing and distribution of customized and off-the-shelf apparel collections to customers through managed direct purchase uniform programs. Customers include many well recognized names in a variety of service industries.
About Riverside Manufacturing
Founded in 1911 and located in Moultrie, GA, Riverside Manufacturing is well known in the uniform industry for providing superior garment quality and best-in-class customer service to a wide customer base, including many Fortune 500 companies. Riverside provides superior quality products including flame-resistant, work wear, and image apparel.