The Riverside Company Sells Minority Interest to Wealthy Mandel Family
Cleveland-based Parkwood LLC purchased a non-voting minority ownership stake in The Riverside Company, a Cleveland-based private equity buyout firm. The acquired ownership stake was just under 10%. Parkwood LLC is also an investor in a number of Riverside funds. The Riverside Company typically makes control and non-control investments in growing businesses valued at up to US$ 400 million. In addition, the private equity firm is engaged in backing many industrial companies in the Rust Belt region, aligning the interests of Parkwood’s co-founders. For example, The Riverside Company invested in Kent, Ohio-based Area Wide Protective in June 2015
In the Parkwood transaction, The Riverside Company was advised by Jones Day and Keefe, Bruyette & Woods.
Parkwood LLC is chaired and led by Morton Leon Mandel, a co-founder of Premier Industrial Corporation. Essentially, Parkwood LLC is the Mandel Brothers’ private investment company.
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