Thanks to a lot of hard work by management and Riverside, PROFITsystems has become the clear leader in its niche with a deeply loyal customer base, said Riverside Principal Brian Sauer.
(PRWEB) November 13, 2013
The Riverside Company has exited its investment in PROFITsystems, a Colorado Springs, Colorado-based provider of software and other services for the retail furniture industry. PROFITsystems software is the most widely used retail furniture and hard goods software in the U.S. and Canada.
Riverside invested in PROFITsystems in 2006, holding the company through the dramatic downturn in the furniture industry that coincided with the Global Economic Crisis. Riverside’s support helped the company maintain its profitability and grow market share despite the challenging environment, leaving PROFITsystems poised for growth when the recovery began.
“We’re really proud of what we accomplished working with the great management team at PROFITsystems,” said Riverside Managing Partner Loren Schlachet. “In the face of headwinds, we were able to keep the company healthy, develop new products, complete an add-on acquisition, and grow its customer base.”
Other key accomplishments made by PROFITsystems and its management team during Riverside’s hold include the development of a popular and effective SaaS product and increasing market share.
“Thanks to a lot of hard work by management and Riverside, PROFITsystems has become the clear leader in its niche with a deeply loyal customer base,” said Riverside Principal Brian Sauer. “PROFITsystems has been a success story with Riverside and the company is ready for more great things in the future.”
Working with Schlachet and Sauer on the transaction for Riverside were Operating Partner Jeff Goodman, Associate Elaine Ho and Senior Financial Analyst Bryan Salisbury. Origination Principal Amy Margolis helped facilitate the sale for Riverside.
St. Charles Capital acted as exclusive financial advisor to Riverside on the transaction, while BDO provided accounting and tax support and Jones Day provided legal counsel.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $250 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 320 transactions. The firm’s international portfolio includes more than 70 companies.