Riverside Adds-on to SAFEbuilt

The Riverside Company has completed its first add-on acquisition for its portfolio company SAFEbuilt with the buy of Independent Inspections.

Independent Inspections provides outsourced building department services for local governments in over 130 communities in Wisconsin, Illinois, and Florida.  The company was founded in 1979 and is headquartered near Milwaukee in Waukesha, WI (www.independentinspections.com).

SAFEbuilt, acquired by Riverside in October 2014, offers a suite of services that include building department programs, planning and zoning, code enforcement and other administrative functions. Its affiliate company, Meritage Systems, provides workflow and operational support software for municipal building departments. SAFEbuilt was founded in 1992 and is based in Loveland, CO (www.safebuilt.com).

“Independent Inspections provides very similar services to SAFEbuilt, and the addition opens new markets in Florida and Wisconsin,” said Riverside Managing Partner Loren Schlachet. “We’re pleased to be adding to SAFEbuilt’s already robust footprint.”

With the buy of Independent Inspections, SAFEbuilt now serves over 300 communities across the US and is a leading provider of building department services in Colorado, Georgia and Michigan. Within the last two years, SAFEbuilt has also expanded its presence into South Carolina, Ohio and Illinois as well as introducing two new service lines – planning and zoning, and code enforcement services.

“SAFEbuilt delivers effective and efficient outsourced services for communities that appreciate its highly capable staff and lower costs,” said Riverside Vice President Brad Resnick. “We’re looking forward to continuing our growth plan for the company.”

Working with Mr. Schlachet and Mr. Resnick on the transaction for Riverside was Senior Associate Kevin Kumar and Operating Partner Bill White.

MidCap Financial (www.midcapfinancial.com) – which provided the original debt for the SAFEbuilt acquisition in October 2014 – provided debt financing for this add-on acquisition.

The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 380 transactions. The firm’s international portfolio includes more than 70 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-18-15