The Riverside Company has sold Health & Safety Institute (HSI), a provider of CPR, EMT and healthcare training materials and services. Riverside invested in the company that became HSI when it purchased American Safety & Health Institute in July of 2006.
Riverside grew HSI both organically and through three add-on acquisitions – Medic First Aid International in 2006; 24-7 EMS in 2008; and EMP Canada Services in 2010, which extended the company’s reach in Canada. Riverside also grew the company organically, largely through operating team efforts and building the HSI brand and suite of products and services. During Riverside’s six-year hold period revenues grew approximately 25% and EBITDA grew by more than 126%.
“We helped HSI grow aggressively by using every technique and tool available at Riverside,” said Riverside Managing Partner Loren Schlachet. “Our deal and operating teams worked with a great management team at HSI to continuously enhance its product and content library, improve HSI’s branding, drive sales, and increase market share.”
The Health & Safety Institute provides CPR, EMT and healthcare accreditation and training materials to more than 9,900 approved training centers in the U.S. and across several foreign countries representing over 36,000 instructors. The company develops, publishes and delivers training programs to meet workplace safety and health requirements. The company is based in Eugene, OR (www.hsi.com).
“Riverside helped Health & Safety Institute scale and grow into the largest privately held emergency care training and services company in North America,” said HSI CEO Bill Clendenen. “From acquisitions to management talent to operating expertise, Riverside met HSI’s needs, which made for a deeply rewarding relationship both personally and professionally. We invested in a vision, and we realized it successfully together.”
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 290 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).
Working with Mr. Schlachet on the sale were Principal Joe Lee, Operating Partner Jeff Tobin, Senior Associate Brad Resnick, and Finance Director Mary Anne McClaren. Riverside Origination Principal Amy Margolis worked with the deal team to facilitate the sale of the business.
Signal Hill acted as exclusive financial advisor to Riverside on the transaction, while Deloitte & Touche provided accounting and tax support and Jones Day provided legal counsel.