Private equity firm the Riverside Co. has made its first add-on acquisition to community development service Safebuilt Independent Inspections.
Independent Inspections provides outsourced building department services for local governments in Wisconsin, Illinois and Florida. Safebuilt provides community development services for local governments and public agencies. Terms of the deal were not disclosed.
The deal allows Safebuilt to expand to Florida and Wisconsin. The company already operated in Colorado, Georgia, Michigan, South Carolina, Ohio and Illinois.
Cleveland and New York-based Riverside invested in Safebuilt in November. Riverside won Mergers & Acquisitions M&A Mid-Market Seller of the Year award for completing 19 portfolio-company exits in 2014. The firm's other recent deals include the purchase of C-Learning Pty Ltd., which it added to e-learning company Learning Seat, and Message On Hold Plus, a marketing company.
MidCap Financial provided financing for the Independent Inspections transaction, and Jones Day provided legal advice.