Riveron Acquired by Kohlberg & Company
Transaction to accelerate Riveron’s growth through expanded capabilities, new geographies and enhanced ability to serve a growing, diverse client base.
Update: The transaction has been finalized as of July 6, 2023.
DALLAS—(BUSINESS WIRE)— Riveron (“the Company”), a national business advisory firm focused on the office of the CFO, private equity, and other capital providers, announced today that it has entered into a definitive agreement to be acquired by affiliates of Kohlberg & Company (“Kohlberg”). H.I.G. Capital (“H.I.G.”) will continue its partnership with Riveron through a minority investment. A significant percentage of Riveron’s employee base will also be equity owners in the Company. Additional terms of the agreement were not disclosed.
Founded in 2006, Riveron helps clients navigate today’s most complex business challenges through its end-to-end suite of accounting, finance, technology, and operations services that span the business lifecycle. With over 700 employees across 12 offices in the U.S., Riveron experts draw on their consulting, public accounting, and industry backgrounds to implement impactful and practical solutions to its clients, including CFOs, private equity firms, and other stakeholders.
“This transaction marks a significant milestone in Riveron’s growth journey and accelerates our path to becoming the preeminent independent financial consulting firm serving corporate management teams, private equity firms, lenders, and other intermediaries,” said Riveron Chief Executive Officer Julie Howard. “Through our new partnership with Kohlberg and continued partnership with H.I.G., we will be better positioned than ever before to pursue our ambitious growth agenda and enhance our strategic value for our employees, clients, and shareholders.”
“We are honored to partner with the Riveron management team and H.I.G. in supporting the next phase of the Company’s growth,” said Ahmed Wahla, Partner and Head of Business Services at Kohlberg. “Over the last two years, we have conducted extensive diligence on the CFO services sector, which fits squarely within the long-term secular themes we have successfully invested behind in our broader Business Services core practice area. We look forward to contributing our team’s insights and our capital base to help extend Riveron’s innovative suite of capabilities while maintaining its focus on providing world-class business advisory services to its clients and firmly establishing the Company as the employer of choice in the industry.”
Keval Patel, Managing Director at H.I.G., added, “When we invested in Riveron four years ago, we were excited to partner with a fast-growing, entrepreneurial organization with a differentiated culture. Since then, we have been proud to play a role in the remarkable growth trajectory that the Company has achieved. Riveron is an exceptional company with outstanding leadership and growth prospects, and we look forward to continuing to support the business in its next chapter.”
The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in July. Jefferies Group LLC and Moelis & Company acted as financial advisors to Riveron and McDermott Will & Emery acted as legal counsel to H.I.G. and Riveron in connection with the transaction. Guggenheim Securities, LLC and Citizens served as financial advisors to Kohlberg. Ropes & Gray LLP and Greenberg Traurig, LLP acted as legal counsels to Kohlberg.
About Riveron
Riveron is a national business advisory firm that partners with our clients to elevate performance and expand possibilities across the transaction and business lifecycle. Our thoughtfully integrated teams bring industry perspective and deep functional expertise across accounting, ESG, finance, M&A, operations, restructuring & turnaround, strategic communications, tax, and technology, to generate tailored solutions that address any challenge. Founded in 2006, Riveron has 12 offices across the country and serves a diverse set of clients around the world, including the office of the CFO, private equity, lenders, and other key stakeholders.
About Kohlberg & Company
Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm’s 36–year history, the firm has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm’s private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas. For more information, please visit www.kohlberg.com.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $55 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide with combined revenues in excess of $52 billion. For more information, please visit www.higcapital.com.