Private equity firm The Riverside Co. sold its window-film manufacturing business, Commonwealth Laminating & Coating (CLC), to an undisclosed buyer. A Riverside source would only confirm that the buyer is another private equity firm. 

Harris Williams & Co. acted as financial advisor to CLC on the sale. Ned Valentine served as the lead advisor.

The Virginia-based company, which is also known as the SunTek Holding Company, is the fifth exit from Riverside’s RCAF 03 fund. The firm raked in 68% initial rate of return for the business or 10x gross cash-on-cash return.

CLC’s senior management team, including Steve Phillips, will stay on board as chief executive officer. 

Riverside acquired CLC in April 2006, and has since made capital investments that boosted the company’s production capacity. CLC also invested in a new dyed film line that enhanced product quality and strengthened the company’s competitive position.

CLC produces solar control window films to increase privacy, aesthetics, safety, and security in automotive, residential and commercial applications. The company has four distribution centers in the US. After being acquired by Riverside the firm helped the company with organic growth by adding distribution centers in Australia, China, Germany and the UK. 

Riverside generally acquires small to medium-sized companies in the US and internationally. Most targets are valued up to $200 million and nurture its investment through acquisitions and organic growth.

CLC did not return calls seeking comment by press time.

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