Riverside exits Health & Safety Institute for second time


Global buyout house The Riverside Company has exited its environmental, health and safety compliance business, Health & Safety Institute, in a sale to Waud Capital Partners.

This deal represented the second time Riverside has invested in HSI, after buying it in July 2006 and selling it to private equity firm DW Healthcare Partners back in May 2012.

Oregon-based HSI provides a compliance and training platform for organizations of all sizes.

During Riverside’s ownership, the firm supported the expansion of its management team including the appointment of CEO Chad Birckelbaw. Riverside also invested in HSI’s sales, marketing and software development capabilities.

“It has been a pleasure partnering with the HSI team these past four years,” said Riverside managing partner Suzy Kriscunas.

“We are proud of the work we’ve accomplished with HSI management to execute four strategic acquisitions to expand the addressable market, grow market share and increase recurring revenue mix.”

Riverside is long-time investor in the education sector after backing more than 60 education and training companies from pre-K to post-secondary education, as well as corporate training and certifications.

The PE major is looking to pull in $1.5bn for its latest flagship fund, according to a regulatory filing from May.

Last month, Riverside sold its spray tanning equipment manufacturer Sunless Inc to Castle Harlan and Branford Castle Partners.

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