3 Rivers and Aldine Buy Interlight

3 Rivers Capital and Aldine Capital Partners have acquired family-owned and operated International Lighting (DBA Interlight). Aldine provided subordinated debt and made an equity investment alongside 3 Rivers.

Interlight is an online distributor of specialty lighting products and other replacement, consumable parts to the medical, education, military, and consumer electronics sectors. According to the company, it has one of the largest inventories of specialty lightbulbs in the world with more than 1.4 million lightbulbs in stock and carries a large inventory of discontinued and hard-to-find bulbs. Company suppliers include General Electric, Ushio, Sylvania, Westinghouse, Osram, and Eiko.

Interlight offers same-day shipping and for emergency orders can provide parts on the same day. Customers of Interlight include Apple, Lockheed Martin, NASA, and SpaceX as well as medical institutions located across the US. The company is headquartered near Chicago in Hammond, IN (www.interlightus.com).

“We were initially attracted to the strong value proposition Interlight brings to its customers and their commitment to providing the largest selection of specialty lighting products, best-in-class customer service, and same-day shipping,” said Dale Buckwalter, partner and co-founder of 3RC, “We’re excited to back an outstanding management team that has excelled in the e-commerce space and we look forward to a successful partnership and continued growth.”

With the closing of this transaction, 3 Rivers has hired Jeffry Graham, a twenty-year e-commerce veteran, as the company’s new chief executive officer. “This is a special company with a special team, and I couldn’t be more excited to be leading this business to an even brighter future,” said Mr. Graham.

3 Rivers Capital invests in companies with EBITDA from $3 million to $10 million that are based in the continental US with a preference for companies based in the eastern US to Mountain West. Sectors of interest include light manufacturing, healthcare, energy and business-to-business services. The firm was founded in 2005 and is based in Pittsburgh (www.3riverscap.com).

Aldine Capital Partners invests from $4 million to $20 million of subordinated debt and equity in companies with a minimum of $10 million in revenue and $2 million in EBITDA. Aldine typically invests alongside independent sponsors, private equity funds, family offices, and management teams. In June 2019 the firm held a final closing of its third fund, Aldine Capital Fund III LP, with total capital of $240 million. The firm is headquartered in Chicago (www.aldinecapital.com).

© 2019 Private Equity Professional | August 30, 2019

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