April 27, 2012 – The Riverside Company has completed the sale of GreenLine Foods, a producer of green beans, to Apio, a processor and marketer of fresh-cut specialty packaged vegetables.
GreenLine Foods is a nationwide provider of packaged, washed and trimmed fresh green beans. The company was founded in 1985 and is based in Bowling Green, OH (www.greenlinefoods.com).
Under Riverside’s ownership, GreenLine invested in new product development, expanded and diversified its grower relationships, and expanded its retail and foodservice customers. Additionally, Riverside’s 2007 add-on acquisition of Green Glen Produce gave GreenLine processing capabilities on the East Coast and a well-located distribution center. “We are proud of the work we’ve done with GreenLine,” said Riverside Partner Tim Gosline. “We were able to overcome several unusual weather challenges, complete a valuable add-on acquisition, and help GreenLine protect its spot at the top of the value-added vegetable market space.”
Working with Mr. Gosline for Riverside on the sale of GreenLine were Operating Partner George Benson, Partner Sarah Roth, and Vice President Ryan Richards. Origination Principal Amy Margolis worked with the deal team and the sell-side advisor to facilitate the exit. Harris Williams & Co. advised Riverside on the sale of GreenLine, and Jones Day provided legal counsel on the transaction.
The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $200 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 280 transactions with a total enterprise value of more than $6 billion. The firm is headquartered New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
