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Riverside exits air filtration business Vokes-Air

18 Feb 2014

exit 15_sqPrivate equity firm The Riverside Company has exited its investment in air filtration technology specialist Vokes-Air to German group MANN+HUMMEL after a holding period of over six years.

Riverside backed Vokes in 2008 by carving it out of SPX Corporation. The firm has since consolidated the business into one structure and rolled out its Vokes-Air brand across Vokes’ existing markets.

It has also divested of non-core units to further streamline the operations.

Riverside Partner Thomas Blomqvist said, “Riverside took a fragmented corporate division with untapped potential and carefully built a strong standalone company.

“We then helped Vokes thrive by investing in R&D, improving production efficiency, reducing overhead, and ultimately significantly increasing profitability of the company.”

Last month Riverside closed its new flagship fund on $1.5bn, exceeding its initial target by 50 per cent.

At that time, AltAssets reported that the firm’s Asia-Pacific fund II had secured $135m from 64 LPs towards its $150m target.

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