Private equity firm the Riverside Co. has closed a deal for EcoSmart US LLC.
Miami-based EcoSmart designs and sells electric, tankless water heaters. The company will be added to Riverside portfolio company Eemax Inc.
Eemax, headquartered in Waterbury, Conn., also designs and sells water heaters. The acquisition will expand the company’s offerings to customers, as well as the company's geographic coverage in Florida and Latin America.
Webster bank provided financing for the deal. Deloitte & Touche provided financial due diligence for Riverside, while Jones Day served as Riverside’s legal counsel.
Riverside focuses on buying businesses that are valued at up to $200 million. Since it was founded in 1988, Riverside has invested in more than 320 transactions. Recently, the firm bought Corporate Training Technologies LLC to add to portfolio OnCourse Learning. The firm also picked up Rutland Plastics Inc. and Kygen Co., and sold AIA Corp., which sells promotional products.