The Riverside Company has invested in The Marena Group, a manufacturer of compression garments for medical and consumer applications.
Marena’s products include medical-grade compression garments, shapewear, and activewear sold to plastic surgery centers, hospitals, medical providers, patients, and consumers. Marena’s compression garments are used by plastic surgery patients for post-surgical applications and by consumers for shapewear to increase support and appearance. Customers include medical providers and individual consumers in the US as well as more than 50 international distributors selling into nearly 80 countries. Marena was founded in 1994 by Vera and Bill Watkins – the company was named after their children Mark and Lena – and its first products were made in the couple’s home garage in July 1995. Today, the company is headquartered northeast of Atlanta in Lawrenceville, GA (www.marenagroup.com).
“Marena delivers an enormously valuable line of products that provide significant benefits to medical providers and patients,” said Riverside Managing Partner Loren Schlachet. “They are poised for growth both internationally and domestically, and we are eager to partner with them as they reach even more customers.”
Riverside’s plans to expand the company through the development of new customers in existing markets, expansion into new domestic and international markets, and new product development. Marena’s existing management team will continue leading the company and CEO Vera Watkins will remain in place.
The Riverside Company invests in 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).
“Riverside is a global firm with considerable knowledge of the medical products and garments industry,” said Riverside Principal Joe Manning. “We are confident that our global team can help spread Marena’s reach and build on its product and service leadership in the market. We are thrilled to be partnering with Vera and the talented Marena team.”
Working with Messrs. Schlachet and Manning on the transaction for Riverside were Senior Operating Partner Dave Tiley, Finance Director Ross Fuller, Associate Jason Thorn, and Vice President Dan Haynes. Principal, Origination Jim Butterfield and Principal, Origination Jeremy Holland sourced the deal for Riverside.
Financing for the transaction was provided by Madison Capital which focuses on the corporate financing needs of middle market private equity firms and provides leveraged financing for acquisitions, recapitalizations, MBOs and LBOs. Madison Capital, a subsidiary of New York Life, is based in Chicago (www.mcfllc.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 12-18-15