The Riverside Co. has acquired SET Industrial Services Inc., an add-on to its IFS Group platform. SET provides industrial cleaning and related on-site facility services across the Midwest. It is the second company to join IFS, an industrial cleaning platform holding company established by Riverside and True North Equity in 2015. “The SET investment offers a complementary service offering and geographic footprint to our existing platform,” Riverside Managing Partner Suzy Kriscunas said. “The addition will continue to diversify IFS’s customer base and facilitate growth opportunities as both companies leverage combined resources.” The acquisition will also provide synergy opportunities with Summit Environmental Services, an outsourced industrial cleaning company serving customers in the Mid-Atlantic and Midwest regions and the first acquisition under IFS. “SET has demonstrated strong operational and financial performance and represents an attractive addition to the broader platform strategy,” Riverside Partner Tim Gosline said. “We’re excited to work with the management team to continue its track record of success and strong customer service.” Working with Kriscunas and Gosline on the deal for Riverside were:
- Partner Ryan Richards.
- Associate Cord Walker.
- Riverside Partner Anne Hayes helped secure financing for the firm.
- IFS’s current lender partner, CIBC, provided financing for the transaction.
- Kostopoulos Rodriguez, PLLC and Jones Day served as legal advisers for Riverside, True North Equity and IFS.