The Riverside Co., one of the most active private equity firms in the middle market, has sold a minority stake in the firm to Parkwood LLC, a private trust company. Over the last few years, several middle-market private equity firms, including Littlejohn & Co. LLC and Vista Equity Partners, have brought aboard outside investors to grow.

Parkwood CEO Morton Mandel and Riverside co-CEO Stewart Kohl have known each other for more than 10 years, and Parkwood has been a limited partner in various Riverside funds for seven years. Mandel, a long-time business leader and philanthropist in the Cleveland area, approached Kohl about buying a stake in Riverside years ago.

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