SAFEbuilt, a portfolio company of The Riverside Company, has acquired Municipal Building Inspection Solutions. This is the second add-on acquisition completed by Riverside since it acquired SAFEbuilt in October 2014.
Municipal Building Inspection Solutions (MBIS) is a provider of inspection and plan review services for municipalities located in Northeast Ohio. Services include building permit issuance, residential and commercial building Inspections, contractor registration, rental property inspection, occupancy permits for residential and commercial properties, zoning compliance review, exterior maintenance code inspections, and other services. The company is headquartered near Cleveland in Bedford Heights, OH (www.mbislimited.com).
SAFEbuilt 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).
Riverside Managing Partner Loren Schlachet led the transaction for Riverside. Working with Mr. Schlachet were Vice President Brad Resnick, Senior Associate Kevin Kumar, and Operating Partner Bill White.
“SAFEbuilt offers certain services that MBIS does not, today, so we’re excited about what this addition means for SAFEbuilt in Ohio and its ability to serve MBIS customers with maximum effectiveness,” said Mr. Resnick. “This addition strengthens SAFEbuilt’s position in Ohio while providing new opportunities for customers.”
In May 2015, Riverside completed the first add-on for SAFEbuilt with the buy of Independent Inspections, a provider of 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).
MidCap Financial (www.midcapfinancial.com) – which provided the original debt for the SAFEbuilt acquisition in October 2014 and the debt financing for the Independent Inspections add-on in May 2015 – provided the debt financing for this add-on acquisition as well.
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 380 transactions. 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 • 7-14-15