Cleveland and New York-based private equity firm the Riverside Co. has invested in Area Wide Protective, a service that can help direct or re-route traffic.
Kent, Ohio-based Area Wide’s services can help reroute traffic in case of infrastructure construction, repair, or maintenance projects. The company sends on-site technicians, equipment and vehicles to project sites.
Riverside says that aging U.S. infrastructure that will require replacement and upgrading contribute to the target's growth prospects. Area Wide Protective already has plans to expand in the Southwest.
The PE firm has made several acquisitions lately, including building department-services provider Independent Inspections, and C-Learning Pty Ltd., an e-learning company. Riverside won Mergers & Acquisitions M&A Mid-Market Seller of the Year award for 2014 after making 19 exits.
GE Antares, Madison Capital, NewStar Financial and MidCap Financial provided senior debt financing, and Audax Mezzanine provided mezzanine debt for the deal. Kirkland & Ellis was Riverside's legal counsel.