The Riverside Co. is purchasing textile distributor Momentum Group from Norwest Equity Partners. Momentum, based in Irvine, California, designs textiles for offices along with the heath care and hospitality sectors.
“Momentum has performed exceptionally well for many years and has developed a truly unique and differentiated business model driven by continuous improvement and enabled by technology,” says Norwest principal Andrew Cantwell. Financial terms of the deal, which closed on April 1, we’re not disclosed. Norwest invested in Momentum in 2011. BlackArch Partners and Faegre Baker Daniels are advising Norwest.
Announced separately on April 4, Riverside’s portfolio company Arrowhead Electrical Products added C&E, which makes replacement auto parts for the power sports sector. C&E, based in Cadelbosco di Sopra, Italy, is known for its Hot Rods, Pivot Works, Hot Cams, Cylinder Works, Bearing Connections, Wrench Rabbit, Fuel Star and Vertex Pistons brands.
Always one of the most active PE firms in the middle market Riverside won Mergers & Acquisitions’ 2015 M&A Mid-Market Award for Seller of the Year. Earlier in 2016, the PE firm agreed to sell hematology equipment maker Diatron Group to Germany’s Stratec Biomedical Group.