The Riverside Company has invested in Harvey Tool Company, a provider of specialized cutting tools used in precision machining applications.
Harvey Tool Company is a provider of more than 9,000 cutting tools available in a variety of sizes, geometric characteristics, reaches and coatings. The company’s carbide milling tools are used by machine shops and other production facilities across North America and internationally. Harvey was founded in 1985 and is based in Rowley, MA (north of Boston) (www.harveytool.com).
“Harvey has a remarkable record for growing both its product lines and gaining share in the specialty cutting tool market,” said Riverside Partner Chris Jones. “The company has strong and growing brand awareness and is highly valued by customers.”
Riverside will provide support to Harvey as it executes on a plan to expand into adjacent product categories. Riverside will also be active in seeking strategic add-ons for the company.
“Harvey is a very well-run company with a diverse and differentiated set of cutting tool products,” said Mr. Jones. “We’re excited about partnering with President and CEO Pete Jenkins, COO Sam Ward, and the rest of the management team to expand Harvey’s business.”
Working with Mr. Jones on the transaction for Riverside were Vice President Ben Davis, Senior Associate Justina Wang, Associate Alex Treece, and Operating Partner Mike Thompson. Origination Principal Jim Butterfield sourced the opportunity and Partner Anne Hayes worked on financing the transaction for the firm.
The Riverside Company is focused on the smaller end of the middle market and invests in businesses valued at up to $250 million (€200 million in Europe). Since 1988, the firm has invested in more than 330 transactions with a total enterprise value of more than $6 billion. The firm’s current portfolio includes more than 70 companies. The Riverside Company is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
GE Antares Capital and Ares Capital provided financing for the transaction. Jones Day advised Riverside on the investment.
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-31-14
