October, 2014
River Capital Sells Can-Do National Tape Investment Through PE Exit
(via AltAssets, October 27, 2014) Southeastern US-focused River Capital has made a strong exit of its interest in adhesive tape, film and foam maker Can-Do National Tape to an unnamed private equity peer, AltAssets can reveal.
The firm is believed to have made a return of about three-times its initial investment through the exit, two sources with knowledge of the deal said.
River bought into CDNT in the summer of 2008. The firm said it could not comment on financial details of the sale.
Managing partner Jerry Wethington said, “During our ownership we successfully expanded into new market segments while broadening the products and services offered.
“CDNT has a bright future as it continues to grow under new ownership.”
Atlanta-based River, which was launched in 1985, invests in transactions with purchase prices of between $10m and $50m in the Southeast US and contiguous markets. River’s last publicized platform investment was swimming pool and accessories distributor Blue Wave Products in 2012.
Wethington said at the time, “Blue Wave has incredible potential, with deep customer and supplier relationships, a vast product offering and a leading market position.”
River Capital is one of the oldest firms of its type in the Southeast and has acquired companies in a broad range of industries with combined annual revenues in excess of $600 million. River Capital primarily invests in light manufacturing, distribution and select service companies with purchase prices of $10 million to $50 million. For add-on acquisition candidates, the firm will consider companies with a purchase price less than $10 million.