Riverside backs ILS amid ‘critical need’ for homecare aids due to coronavirus

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The Riverside Company has invested in mobility and homecare product business Independent Living Specialists amid a “critical need” for home health aids due to the coronavirus crisis.

Sydney-based ILS provides specialised furniture such as chair lifts and beds, personal care equipment including shower stools and mobility devices such as wheelchairs and scooters.

Riverside partner Steven Spiteri said, “Our commitment to the ILS management team was forged over the past several months.

“Although the pandemic has made this a very different world from when we first started considering the investment, we are excited about ILS’ long-term outlook and the chance to invest in it on behalf of our investors.”

A statement from ILS co-CEOs Ian Farquharson and Peter Reid said, “The timing makes sense as there is a critical need for the essential healthcare aids we supply.

“We have no doubt this investment will provide opportunities for our team, and most importantly, will ensure enhanced health and quality of life for our customers.”

Riverside has invested in more than 380 platform and add-ons across the healthcare and value added distribution sectors.

The firm closed its most recent buyout fund, Riverside Micro-Cap Fund V, on $1.2bn two years ago.

Other recent deals from Riverside include backing drug industry learning and compliance services provider Red Nucleus Enterprises last month.

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