The Riverside Company has acquired ProSites, a medical and dental website designer. ProSites will be merged with Riverside portfolio company CPASiteSolutions (CPASS), a provider of websites for the accounting industry. Riverside acquired CPASS in November 2011.
ProSites is a medical and dental website designer and Internet marketing services provider that serves over 6,000 doctors nationwide. The company is based in Temecula, CA (www.ProSites.com).
CPASS provides products and services that are used by CPA firms to develop online marketing tools. CPASS offers its software-as-a-service, web design and support to help establish a CPA firm’s online presence through which a firm can interact with existing and prospective customers. The company is based in Winooski, VT (www.cpasitesolutions.com).
The merger of ProSites and CPASS will combine technology and design expertise of both companies to provide online marketing services for dental, medical, and accounting professionals. “This represents a great opportunity to leverage synergies between both organizations while focusing on customer needs to extend market reach,” said Riverside Managing Partner Loren Schalchet.
ProSites Founder and CEO Lance McCollough will serve as the CEO of the combined company, and Brian O’Connell of CPASiteSolutions (CPASS) will remain involved with the merged companies as a consultant.
“We are very pleased to combine CPASS with a company as strong as ProSites,” said Dan Haynes, Riverside Vice President. “We look forward to enhancing the company both organically and through add-on acquisitions.”
Working with Mr. Schlachet and Mr. Haynes on the transaction for Riverside were Associate Elaine Ho, Operating Partner Jeff Tobin, and Operating Executive – Finance, Kim Katzenberger.
Fifth Street Capital provided financing for the transaction and Deloitte & Touche advised Riverside on financial due diligence.
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 $250 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in more than 311 transactions with a total enterprise value of more than $6 billion. The firm’s current portfolio includes more than 75 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).
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-16-13