EvoLUTIon. ThE RIvERSIdE ComPAny                    2010 Year in review
“It is not the strongest of the species that survives,nor the most intelligent that survives.It is the one that is the mos...
2010 Year in reviewConTEnTS2010 at a gLanCe                                             4aSia-paCifiC growtH              ...
2010 Year in review                                                    AT A GLAnCE2010 In nUmbERS                       aC...
riverSiDe offiCeS        CountrieS CovereD BY riverSiDeThe Riverside Company is a global private equity firm thatacquires ...
2010 Year in review                                        ASIA-PACIFIC GRoWTh                                        Rive...
“We do all kinds of deals, but by being specialised and focused in selectareas, we gain a better understanding of transact...
2010 Year in review                                                         2010 ACqUISITIonS  “Despite a tough time all r...
2010 Year in review        ACqUISITIon hIGhLIGhTS                                              retaiL zoo                 ...
tHe arena groupAcquired:         September 2010Location:         Italywww.arenainternational.comCompanY                   ...
2010 Year in review                                    CREATInG LASTInG vALUEriverSiDe LeaDerSHip                Riverside...
2010 Year in review                                                    2010 EXITS                   2010 exitS: ComBineD g...
2010 Year in review                       EXIT hIGhLIGhTS                                                 teufeL SpeaKerS ...
CommonweaLtH Laminating & CoatingCLC designs, manufactures and distributes window film for theautomotive, residential and ...
2010 Year in review                                                   ChALLEnGES And ChAnGE                               ...
2010 Year in review                                                                                                    FUn...
The Summit Medical Group exemplifies Riverside’s approach toadding value to mid-sized firms.                              ...
2010 Year in review                                                       ConTACT US                                      ...
“We will continue to evolve. Because the worlddemands it. Because the race never ends.And because it is fun and rewarding ...
© The Riverside Company 2011. Riverside and The RiversideCompany are trademarks or registered trademarks ofRiverside Partn...
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Riverside Ar 2010 Uk English

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2010 Annual report Riverside

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Riverside Ar 2010 Uk English

  1. 1. EvoLUTIon. ThE RIvERSIdE ComPAny 2010 Year in review
  2. 2. “It is not the strongest of the species that survives,nor the most intelligent that survives.It is the one that is the most adaptable to change.”CHarLeS Darwin
  3. 3. 2010 Year in reviewConTEnTS2010 at a gLanCe 4aSia-paCifiC growtH 6SpeCiaLiSeD inveSting 72010 aCquiSitionS 8Creating LaSting vaLue 112010 exitS 12CHaLLengeS anD CHange 15funD aCtivitY 16CaSe: Summit meDiCaL group 17ContaCt uS 18www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  4. 4. 2010 Year in review AT A GLAnCE2010 In nUmbERS aCquiSitionS exitS inveSteD returneD Riverside continued to evolve in 2010 by growing and increasing the value of its portfolio, expanding globally, and “Our results speak for by achieving unprecedented realisations. themselves. For the second With a record-setting december, positioning the firm for another remarkable year of growth for its portfolio and year in a row we overcame investors, Riverside had one of the best years in its history. For the year, Riverside completed 24 acquisitions and challenges to deliver superior exited 11 platforms, numbers which included the 300th returns for our investors. overall transaction for the 23-year-old company. HigHLigHtS inCLuDe: Our track record in good • Closing 24 acquisitions, including 13 platforms times and bad clearly • Returning €440 million to investors thanks to 11 exits that demonstrates the effectiveness generated a combined gross cash-on-cash return of 3.0x of our commitment to buying • Closing the 4th Riverside Europe Fund (REF Iv) at €420 million and Riverside Asia-Pacific Fund I (RAF I) at $28 million and building outstanding • Opening an office in Melbourne, Australia to support the growth of RAF I companies at the smaller • Growing geographically and making the firm’s first end of the middle market all investments in Australia, France, Spain, Italy and Turkey around the world.” • Completing the 20th education and training investment and the 50th healthcare investment BéLa SzigetHY, riverSiDe Co-Ceo All figures as of 31 december 2010 unless otherwise stated.4 5
  5. 5. riverSiDe offiCeS CountrieS CovereD BY riverSiDeThe Riverside Company is a global private equity firm thatacquires growing enterprises valued at up to €200 million. oUR PoRTFoLIo In nUmbERSThe firm partners with strong management teams andenhances its investments through acquisitions and organicgrowth. Since its founding in 1988, Riverside has invested inover 245 transactions with a total enterprise value of morethan €4.6 billion.Riverside practices a rigorous and consistent deal selectionprocess. by evaluating thousands of deals every year,Riverside gets to know markets well and selects only truly Current portfoLiospecial companies. CompanieSThe firm’s portfolio in north America, Europe and the Asia-Pacific region includes over 70 companies with roughly13,000 employees. Riverside completes acquisitionssmoothly thanks to €2.5 billion in assets under management,more than 195 professionals in 19 offices, and longstandingrelationships with partner lenders. aSSetS unDer management* gLoBaL empLoYeeS *aS of 30/09/2010 www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  6. 6. 2010 Year in review ASIA-PACIFIC GRoWTh Riverside expanded to the Asia-Pacific region by establishing the Riverside Asia-Pacific Fund (RAF) and “The opening of our opening its first Asian office in Tokyo, Japan in 2007. The firm has since opened offices in Seoul, South Korea and Australian office fits our hong Kong, China. In 2010, Riverside established its first Australian office in melbourne. The RAF portfolio includes business model, which five platform investments, with more working their way emphasises a local presence through the deal pipeline. Riverside’s Asian efforts go beyond investments, however. backed by a powerful global Riverside has long recognised the value of adding network of offices, professionals resources in Asia to help its global portfolio source customers, providers and opportunities on a pan-Asian and capabilities. It allows us to basis. Riverside’s dedicated resources on the ground allow its clearly understand the markets 70+ global portfolio companies to successfully leverage in which we invest, which allows opportunities in Asia, by working with them to tailor effective Asia-Pacific strategies. This can involve us to capitalise on possibilities facilitating market research, providing manufacturing and sourcing advice, and sharing sales and distribution whenever and wherever they recommendations. These efforts have produced myriad successes for Riverside’s portfolio, including new may arise.” factories, partnerships, acquisitions, and countless other benefits. Stewart KoHL, riverSiDe Co-Ceo Riverside looks forward to deepening its presence in the Asia-Pacific region with both new deals and further expansion of its Asian operating strategy.6 7
  7. 7. “We do all kinds of deals, but by being specialised and focused in selectareas, we gain a better understanding of transactions we are considering,as well as more credibility with management teams; this extrahorsepower at the smaller end of the middle market separatesus from the pack in areas with strong growth potential.”pam HenDriCKSon, riverSiDe Coo 2010 Year in review SPECIALISEd InvESTInGAfter completing more than 245 transactions since 1988, Clean technologyRiverside is a well-established generalist investor. however, the As environmental regulations and concerns escalate globally,firm also recognises the importance of developing specialties Riverside anticipates strong growth in alternative energy andin several sectors where it has built a wealth of experience. energy efficiency markets. Riverside is expanding its targeted efforts to invest in clean technology and energy efficiencyRiverside has developed extensive experience in select companies, which has already produced several successfulindustries, and has built teams of experts to focus on exits, including danish oil services company Welltec.healthcare, education and training, clean technology,franchising and software. Riverside’s intense focus allows franchisingthe firm to see more deals in these select industries, then Franchises can provide virtually any service imaginable.evaluate them more effectively, and bid on them more quickly. Though a widely varied field, Riverside’s long experience inAfter purchase, these industry specialisation experts bring franchising helps the firm understand common challengesdecades of executive experience in their respective industries and capitalise on the compelling opportunities that successfulto provide crucial advice, skill and guidance that drives growth franchises offer, such as recurring fee revenues and broadat portfolio companies, captures potential, and helps source expansion potential.and integrate add-on opportunities. SoftwareHealthcare As innovations in technology continue, the development ofRiverside seeks products or services centred on patient specialised software represents an attractive area of growth.preference, improving quality of care, or taking cost out of Past and current Riverside software investments typicallythe healthcare system. healthcare is Riverside’s most active help companies control costs while enhancing productivity,specialisation, with 50+ acquisitions to date. efficiency and customers’ experiences.education and training Riverside believes strong specialisations are a critical elementRiverside is a sophisticated education and training investor, in the future of the firm. As new and diverse opportunitieshaving made more than 20 investments in the segment. Some present themselves, Riverside will continue to evolve andof the firm’s most-successful investments, including its largest develop specialities to achieve deeper industry knowledgegain ever with the sale of ATI Enterprises, a post-secondary and to successfully compete in global markets.career training provider, have come through its expertise inadding value to education and training companies. www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  8. 8. 2010 Year in review 2010 ACqUISITIonS “Despite a tough time all round, Riverside has remained consistently active in the pan-European market over the past 18 months. In 2010 they acquired and exitedseveral investments and due to successfully raising new funds, are well positioned to continue this pace into 2011 and beyond.” JuLian tunniCLiffe, LinCoLn internationaL LLp managing DireCtor pLatformS retail zoo Acquired: April 2010 Location: Australia aDD-onS mansell group Acquired: April 2010 advocate medical Services [activStyle] Location: United States Acquired: January 2010 Location: United States naKa Acquired: may 2010 positive options [Crisis prevention institute] Location: Japan Acquired: march 2010 Location: United States mLCoa Acquired: may 2010 reed Business information [media Source] Location: Australia Acquired: march 2010 Location: United States tropikal Acquired: July 2010 eska implants [Summit medical Limited] Location: Turkey Acquired: April 2010 Location: Germany the arena group Acquired: September 2010 Lewis Computer Services [HeaLtHCarefirst] Location: Italy Acquired: June 2010 Location: United States the Lumen Dynamics group Acquired: october 2010 proSchools [onCourse Learning] Location: Canada Acquired: June 2010 Location: United States g&H wire Company Acquired: december 2010 Celvitae Biomedica [Crioestaminal] Location: United States Acquired: July 2010 Location: Spain Sunrise windows orthomed [the Summit medical group] Acquired: december 2010 Acquired: october 2010 Location: United States Location: France employment Law training whatCounts [the mansell group] Acquired: december 2010 Acquired: december 2010 Location: United States Location: United States DiSa, inc. perkins products [Du Bois Chemicals] Acquired: december 2010 Acquired: december 2010 Location: United States Location: United States orliman Carefacts [HeaLtHCarefirst] Acquired: december 2010 Acquired: december 2010 Location: Spain Location: United States8 9
  9. 9. 2010 Year in review ACqUISITIon hIGhLIGhTS retaiL zoo Acquired: April 2010 Location: Australia www.boostjuicebars.comretaiL zoo CompanYmeLBourne, auStraLia Retail Zoo is the holding company that owns boost Juice bars and majority stake in Salsa’s Fresh mex Grill. boost Juice bars was born in 2000 in Australia, when mum of three, Janine Allis, decided there was a lack of healthy options available for her family. The first store opened in Adelaide, and over the following 10 years more than 250 stores have opened throughout Australia and the rest of the world. inveStment rationaLe • Market leader in juice and smoothie market in Australia • Emerging leader in growing Mexican food segment • Meaningful domestic and international growth prospects “What a great way to get started investing in Australia. Retail Zoo is a manSeLL group Acquired: April 2010 high-profile company that’s Location: United States www.mansellgroup.com enjoyed a great track record CompanY of success. We look forward to mansell Group’s principal service is web-based e-mail working with the Retail Zoo marketing through a software-as-a-service platform. The company also does SmS mobile marketing, broadcast team to make the company even voice messaging, database management, customer intelligence, and online lead generation services. bigger and better.” inveStment rationaLe Simon feigLin, • Strong growth and attractive market trends riverSiDe partner • Base of recurring revenue • Significant opportunity to acquire add-on investments • Compelling value proposition for customers and base of recurring revenues www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  10. 10. tHe arena groupAcquired: September 2010Location: Italywww.arenainternational.comCompanY tHe arena groupFounded in 1973, Arena creates and markets waterwear toLentino, itaLYproducts for competitive and recreational swimmers,and it is recognised as one of the premium brands forhigh-quality swimwear and equipment. A worldwideplayer in the competitive waterwear segment,with 2009 net sales of roughly €100 million, Arenadistributes its products in over 100 countries.inveStment rationaLe• Stable business in a niche, non-cyclical industry• Leading brand in waterwear sports market in France, Italy and Germany• High barriers to entry due to technological knowhow in racing swimwear “We are extremely confident towards thetHe Lumen DYnamiCS group future, as we truly believeAcquired: october 2010Location: Canada that Riverside will be anwww.ldgi.com outstanding partner, able toCompanYThe Lumen dynamics Group (LdG) specialises in support Arena in its aim todeveloping high-intensity Uv illumination and curingproducts by leveraging a unique portfolio of patented become the global leadertechnologies and processes that use arc lamp, radiometry in the the waterwear sportsand light-emitting diode (LEd) technology. LdG hadpreviously been a part of the Life Sciences and Industrial market.”division of EXFo, Inc., a publicly traded Canadiancorporation. CriStiano portaS, arena group CeoinveStment rationaLe• Market leader with established brands and differentiated technology offering• Proven technology development and commercialisation processes• Strong customer retention and repeat revenues10 11
  11. 11. 2010 Year in review CREATInG LASTInG vALUEriverSiDe LeaDerSHip Riverside begins adding value as soon as it invests in aSummit 2010 company, and strives to leave companies poised for even more success upon exit. The results of the firm’s operating intensive approach are clear: In its 23-year history, Riverside has grown EbITdA by an average of over 24% for all portfolio companies. This focus on growth has in turn “Thanks to the involvement resulted in a 53% gross IRR and a 3.5x cash-on-cash return for investors through the firm’s 61 lifetime exits. of the operating team and strong Riverside’s talented operating team of 25 professionals management cooperation, we worldwide improves portfolio companies from the time of due diligence all the way through to exit. Riverside does were able to drastically improve this by adding new products, services, markets and talent performances at Agens: in to portfolio companies. The operating team also digs deeper, professionalising and improving processes like terms of EBITDA, from negative financial reporting, marketing and sales. Riverside boosts the effectiveness of management teams by giving them to more than €7 million, and access to ongoing training and education resources through Riverside University. company value from zero to €40 Add-on acquisitions, which maximise benefits through million. This is a prime example synergies and additional customers, talent and products, are another key growth driver. more than 100 of Riversides of our ability to intervene in 245+ lifetime investments have been valuable add-on acquisitions that clearly amplify performance at exit. of a troubled situation and fix Riverside’s 61 exits, the gross cash-on-cash return for the 33 companies with one or more add-on was 3.7x while the the issues using our model of return for the other 28 was 2.9x. operational excellence - a model This operating expertise and commitment helped steer Riverside portfolio companies through the worst of the that we apply consistently global economic crisis. by focusing on value rather than leverage, Riverside’s team helped portfolio companies in each of our portfolio realign strategies and prosper at a time when others had companies.” to fold. The Riverside operating team’s tireless efforts and faBio peSiri, constant monitoring reduces risk and creates EbITdA. It’s all riverSiDe operating partner part of Riverside’s commitment to build shareholder value the right way. www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  12. 12. 2010 Year in review 2010 EXITS 2010 exitS: ComBineD groSS irr entrix Acquired: February 2003 Exited: June 2010 teufel Speakers gmbH Acquired: october 2006 Exited: July 2010 veritext Acquired: August 20052010 exitS: ComBineD groSS CaSH-on-CaSH return Exited: July 2010 Commonwealth Laminating & Coating Acquired: April 2006 Exited: August 2010 whitney automotive group Acquired: June 2002 “A heartfelt thanks to The Exited: August 2010 Riverside Company for Computer press believing in our Code of Acquired: June 2005 Exited: September 2010 Values, for investing in our Stoffel Seals business, for supporting the Acquired: october 2004 Exited: September 2010 acquisition of additional Hardware resources franchise brands, for assisting Acquired: october 2004 us in the improvement and Exited: november 2010 expansion of our corporate maverick Acquired: September 2004 headquarters and for being Exited: december 2010 the right partner at the right gti Diagnostics Acquired: July 2008 time.” Exited: december 2010 Dina DwYer-owenS, the Dwyer group DwYer Ceo anD CHairperSon Acquired: october 2003 Exited: december 201012 13
  13. 13. 2010 Year in review EXIT hIGhLIGhTS teufeL SpeaKerS gmBH Teufel is a berlin-based industry leader in the design, development and direct sale of audio and speaker systems, with a pure eCommerce business model.teufeL SpeaKerS gmBHBerLin, germanY Acquired: october 2006 Exited: July 2010 KeY StatiStiCS: • 6.5x Gross Cash-on-Cash Return • 61.6% Gross IRR After almost four years of successful ownership, Riverside sold berlin-based Teufel to hgCapital. At the time of purchase, Riverside recognised the opportunity to acquire an attractive, privately owned company with strong growth prospects supported by the positive market dynamics. With the support of Riverside, Teufel expanded its portfolio and began to successfully sell into other European countries outside of its core market in Germany. Through the implementation of a succession plan with Thorsten Reuber, the CEo who started shortly after acquisition, Riverside worked with management to more than double Teufel’s earnings in this period, from €16 million to €41 million. The number of employees also tripled from 26 to 72, reflecting the true growth in the business.“Teufel is a success story forall parties involved. The veritextmanagement of the company veritext provides court-reporting services to law firms, insurancehas developed a very dynamic companies, and corporations. Acquired: August 2005business and the offering to Exited: July 2010Teufel’s customers is now more KeY StatiStiCS:comprehensive than ever before. • 5.1x Gross Cash-on-Cash Return • 38% Gross IRRThe Teufel case is a great Riverside grew veritext aggressively through the acquisition of 13 strategic add-ons, which were integrated rapidly and benefitedexample on how private equity greatly from veritext’s reputation in the market and its strongcan add value to small/mid-cap infrastructure. Additionally, the add-ons deepened veritext’s penetration of existing markets and helped increase revenue bycompanies.” adding customers that required veritext for large, complex and costly cases. Riverside also helped the company develop its infrastructure, technology, capabilities, and expertise. The net resultvoLKer SCHmiDt,riverSiDe partner of these efforts was consistently strong organic growth throughout the ownership period. by doubling its national sales force under Riverside’s ownership, veritext gained new blue-chip clients while deepening existing relationships. Strategically, Riverside helped veritext to increase revenues by expanding services, capturing more complex, high-end litigation, and introducing value-added technical services and features, such as an online database that provides easier access to the company’s extensive library of transcripts. www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  14. 14. CommonweaLtH Laminating & CoatingCLC designs, manufactures and distributes window film for theautomotive, residential and commercial markets. CommonweaLtH Laminating & Coating virginia, uniteD StateSAcquired: April 2006Exited: August 2010KeY StatiStiCS:• 10.0x Gross Cash-on-Cash Return• 68% Gross IRRRiverside purchased CLC in April 2006, and during its holdperiod supported management in a number of initiatives thatdrove rapid organic growth. Under Riverside’s stewardship,CLC made capital investments that significantly boosted thecompany’s production capacity and invested in a new dyedfilm line that improved product quality and strengthened thecompany’s competitive position. The company expandedits international presence during Riverside’s ownership periodby opening three new international distribution centres andrelocating a fourth. during this time, CLC also expandedits product line, most notably in flat glass applications inresidential and commercial buildings. “Riverside played a crucial role in agti DiagnoStiCS remarkable expansion atGTI diagnostics develops, manufactures and markets specialtytest kits for the in vitro diagnostics industry. CLC that allowed us to takeAcquired: July 2008 market share and prepareExited: december 2010 for the future in the midstKeY StatiStiCS:• 2.6x Gross Cash-on-Cash Return of one of the worst economic• 46% Gross IRR downturns in modernduring its ownership period, Riverside concentrated onimproving GTI’s sales, and boosted its presence in Europe, history.”Australia and Asia while expanding the company’s productofferings and growing organically. GTI also benefited from StepHen pHiLLipS,Riverside’s operational expertise, which helped improve the CLC preSiDent anD Ceocompany’s profitability, improved inventory control, reducedworking capital requirements, and optimised pricing. 14 15
  15. 15. 2010 Year in review ChALLEnGES And ChAnGE Lifetime exitS Lifetime: 53% ComBineD groSS irr Since the beginning of the global economic crisis, theLifetime: 3.5x ComBineD groSS CaSH-on-CaSH private equity industry has experienced worldwide efforts to implement additional regulatory measures. This regulation aims to mitigate a number of perceived risks within the sector, including excessive leverage and risk-taking, lack of “Two important things investor protection, market abuse and conflicts of interest, and social imbalances. stood out this year: First, From the outset, Riverside has embraced the opportunity deal volumes started to climb to be part of this process and is well prepared to comply with all new regulations. The firm has proactively assumed again and the private equity senior industry leadership roles in Europe, worked with the U.S. Congress, and joined key private equity organisations industry showed that it is still internationally. Riverside is proud of its way of practising private equity, and has been pleased with the opportunity in business and can be a very to add its voice of support for the private equity industry. relevant force in reigniting The firm supports the global monitoring of the industry, increased transparency and the overall need for the industry economic growth. Secondly, to become less private as it matures. we became a regulated Riverside believes in growth. With this in mind, the firm continues to stress the importance of small- to medium- industry both in Europe and sized enterprises and their critical role in sustaining and growing economies globally. Increased regulation and and the USA. Now it’s time to monitoring must recognise private equity’s role in sponsoring and promoting growth and should not inhibit the ability look forward.” for companies to access stable, affordable financing. This objective must be kept in mind as new regulation is tonY CaBraL, implemented at the practical level globally. riverSiDe managing partner Ultimately, Riverside welcomes the conclusion of regulation discussions so that critical investment can continue at pace. www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  16. 16. 2010 Year in review FUnd ACTIvITy “Riverside is well-known in the limited In 2010 Riverside put €192 million to work on behalf of its partner community as one of the premier investors, and returned €440 million - making it the second middle market private equity managers. year in a row and the fifth time in the past six years that As a repeat investor in Riverside funds, Riverside has returned more money than it has invested. Riverside’s 11 exits generated a 3.0x gross cash-on-cash CFIG recognises the Riverside team as an return, including eight exits that achieved over 2.5x gross experienced manager that adds value to cash-on-cash return. its portfolio companies and consistently Riverside invests through four fund families around the world: delivers strong returns to its clients.” • riverside Capital appreciation fund (rCaf) invests in KeLLY wiLLiamS, north American-based platform companies with EbITdA managing DireCtor anD HeaD of tHe CreDit SuiSSe CuStomizeD funD inveStment group of $5 million to $20 million. • riverside europe fund (ref) invests in leading companies throughout Europe with EbITdA of between €3 million to €20 million.20% 10-Year return CompariSon • riverside micro-Cap fund (rmCf) seeks fast-growing U.S.- based “micro” companies with up to $5 million in EbITdA. • riverside asia-pacific fund (raf) targets the developed economies of the Asia-Pacific region, focusing on15% companies with less than $10 million in EbITdA. in 2010, riverside celebrated the closing of the following funds:10% • Riverside Europe Fund IV (REF IV) – Closed at €420 million, a 31% increase from the previous vintage. Investors included existing and new LPs from Europe, the U.S. and Asia-Pacific, and included pension funds, asset managers5% and family offices. • Riverside Asia Fund I – Inaugural Asia fund closed at $28 million, and has already invested over $70 million in five platform companies using both fund capital and0% co-invest. Riverside Cambridge Global vC & PE Index Cambridge U.S. Private Equity Index mSCI World Exc. U.S. As the market continues to thaw, Riverside will leverage its S&P 500 global presence and €2.5 billion under management to-5% pursue attractive investment opportunities throughout north America, Europe and developed Asia-Pacific economies. All figures as of 31 december 2010 unless otherwise stated. 16 17
  17. 17. The Summit Medical Group exemplifies Riverside’s approach toadding value to mid-sized firms. 2010 Year in review CASE: SUmmIT mEdICAL GRoUP The results have been impressive; group Acquired by Riverside in 2008, Summit medical Group focuses on orthopaedics and infection control and has a annual turnover for 2010/2011 is projected strong reputation in implants, disposable accessories andto be £29.3 million which represents growth blood management. Its products include cement mixing of 60% from the prior year. devices, autologous blood transfusion and wound drainage devices, disposable anti-bacterial hospital privacy curtains, specialist implants used in knee and hip replacements and soft-tissue repair products. In April 2010, Riverside completed the strategic add-on of ESKA orthodynamics Gmbh to the group. This acquisition increased Summit’s international presence and export activities while enhancing its product offering. The add-on of orthomed in october 2010 further strengthened Summit’s product portfolio, reinforcing its research and development capabilities and providing an entry point for the wider range of Summit products into emerging markets like brazil. In addition to acquisitions, Riverside has helped implement operating improvements, restructure the sales organisation, continue product innovation and accelerate organic growth, mostly through new exports. www.riverSiDeeurope.Com partnerSHip . growtH . integritY
  18. 18. 2010 Year in review ConTACT US uniteD StateS of ameriCa atlanta 2746 dover Road Atlanta, GA 30327 United States madrid, Spain T: +1 770 948 4256 Serrano 120-3°dcha 28006, madrid Chicago España 4545 n. hermitage Avenue T:+34 91 590 1337 Chicago, IL 60640 United States munich, germany T: +1 773 334 7518 Alter hof 5 80331 münchen Cleveland deutschland Terminal Tower T:+49 89 242 248 90 50 Public Square, 29th Floor Cleveland, oh 44113 prague, Czech republic United States václavské náměstí 832/19 T: +1 216 344 1040 110 00 Praha 1 Česká Republika Dallas T:+420 224 890 166 3131 mcKinney Avenue Suite 160 Stockholm, Sweden dallas, TX 75204 blasieholmsgatan 4A United States 114 48 Stockholm T: +1 214 871 9640 Sverige T: +46 8 545 0 3030 Los angeles 1453 3rd Street Promenade warsaw, poland Suite 305 ul. Zielna 37/c Santa monica, CA 90401 00-108 Warszawa United States Polska T: +310 499 5080 T:+48 22 320 4820 new York aSia YearS experienCe 45 Rockefeller Centre, 630 Fifth Avenue, Suite 2400 Hong Kong, China new york, ny 10111 Times Square United States Room 2912 Shell Tower T: +1 212 265 6575 1 matheson Street Causeway bay, hong Kong San francisco China 455 market Street T: +85 2 2159 7492 Suite 1520 empLoYeeS San Francisco, CA 94105 Seoul, South Korea United States 21FL, Seoul Finance Center T: +1 415 348 9560 Taepyeongro 1-ga, Jung-gu 100-768 Seoul europe South Korea T: +82 2 3782 6820 Brussels, Belgium 7. Avenue Lloyd George tokyo, Japan b-1000 brussels Level 9, Kamiyacho belgium Prime Place T: +322 626 21 21 4-1-17, Toranomon, minato-ku Budapest, Hungary Tokyo 105-0001 1015-budapest Japan batthyány u. 49. T: +81 3 5408 1230 hungary T: +361 224 9050 auStraLia Luxembourg, Luxembourg melbourne, australia 46A, Avenue J.F. Kennedy Level 35, 140 William Street L-1855 Luxembourg melbourne vIC 3000 Luxembourg Australia offiCeS, in 13 CountrieS aCroSS 4 ContinentS T:+ 352 271729 1 T: +61 3 9678 914518 19
  19. 19. “We will continue to evolve. Because the worlddemands it. Because the race never ends.And because it is fun and rewarding -for you and for us.”BéLa SzigetHY, riverSiDe Co-Ceo
  20. 20. © The Riverside Company 2011. Riverside and The RiversideCompany are trademarks or registered trademarks ofRiverside Partners L.L.C. in the USA and other countries andmay not be used without permission. Although Riverside usesreasonable efforts to obtain information from reliable sources,Riverside makes no representation that the information oropinions contained in this brochure are accurate, reliable,complete or up to date, and such information and opinionsare subject to change without notice. Information regardingthe past performance of Riverside’s portfolio companies isnot necessarily indicative of future results, and there can beno assurance that Riverside will achieve comparable results on subsequent investments.

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