Superior Street Partners Announces Acquisition of Riverbend Nursery
RINER, Va., August 27, 2014-- Superior Street Partners, LLC, a private equity firm focused on the lower middle market, is pleased to announce the successful acquisition of Riverbend Nursery, Inc. The new operating company, Riverbend Nursery, LLC, is owned by Riverbend Nursery Holdings, LLC, the investment entity formed and managed by Superior Street Partners. Union First Market Bank provided the senior debt financing for the transaction, in addition to providing continuing working capital support.
Based in Riner, Virginia, Riverbend Nursery is a leading producer and distributer of quality perennial plants, herbs, and ground cover, with sales primarily to the independent garden center and landscape contractor markets. Riverbend also produces and markets a green roof product in the Mid-Atlantic region, under the LiveRoof® name, as part of storm water management solutions. The company was founded in 1984 by Jim Snyder, who will remain Chief Executive Officer. For additional information on Riverbend Nursery, visit http://www.riverbendnursery.com.
Jon Herbst, President of Superior Street Partners, notes: "The core operations and focus on quality production and superior customer service will remain unchanged post acquisition. We view the investment as an opportunity to partner with Jim Snyder and a successfully built operation, which includes a solid level of next generation management. Our plan is to carefully further expand the plant segment and green roof business, which is still a relatively young market domestically as part of a solution for storm water runoff, and presents a significant growth opportunity."
Jim Snyder adds: "The transaction enables Riverbend to further grow and expand the business, bringing new opportunities and room for growth to both employees and customers. Having this type of long-term partner secures our future as a continued leader in the perennial and green roof industries, and their interest in maintaining operations aligned well with our commitment to superior products and customer service."
About Superior Street Partners
Superior Street Partners, LLC is an Ohio-based private equity firm focused on investing in lower middle market companies east of the Mississippi, with EBITDA of between $1mm-$3mm. In addition to change of control transactions, Superior Street will consider minority (non-control) ownership positions through mezzanine investments. Funding for Superior Street's transactions is sourced from the founders' own capital and a network of individual investors with diverse business backgrounds. Additional information on Superior Street Partners can be found at http://www.sstreetpartners.com.
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