The Riverside Company 2010 Annual Report

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 most adaptable to change.”
CHarLeS Darwin

2010 Year in review

ConTEnTS

2010 at a gLanCe 4

aSia-paCifiC growtH 6

SpeCiaLiSeD inveSting 7

2010 aCquiSitionS 8

Creating LaSting vaLue 11

2010 exitS 12

CHaLLengeS anD CHange 15

funD aCtivitY 16

CaSe: Summit meDiCaL group 17

ContaCt uS 18

www.riverSiDeeurope.Com partnerSHip . growtH . integritY

2010 Year in review

AT A GLAnCE

2010 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

riverSiDe offiCeS CountrieS CovereD BY riverSiDe

The Riverside Company is a global private equity firm that
acquires growing enterprises valued at up to €200 million.
oUR PoRTFoLIo In nUmbERS
The firm partners with strong management teams and
enhances its investments through acquisitions and organic
growth. Since its founding in 1988, Riverside has invested in
over 245 transactions with a total enterprise value of more
than €4.6 billion.

Riverside practices a rigorous and consistent deal selection
process. by evaluating thousands of deals every year,
Riverside gets to know markets well and selects only truly Current portfoLio
special companies. CompanieS

The firm’s portfolio in north America, Europe and the Asia-
Pacific region includes over 70 companies with roughly
13,000 employees. Riverside completes acquisitions
smoothly thanks to €2.5 billion in assets under management,
more than 195 professionals in 19 offices, and longstanding
relationships with partner lenders.

aSSetS unDer management*

gLoBaL empLoYeeS
*aS of 30/09/2010


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

“We do all kinds of deals, but by being specialised and focused in select
areas, we gain a better understanding of transactions we are considering,
as well as more credibility with management teams; this extra
horsepower at the smaller end of the middle market separates
us from the pack in areas with strong growth potential.”
pam HenDriCKSon, riverSiDe Coo

2010 Year in review

SPECIALISEd InvESTInG

After completing more than 245 transactions since 1988, Clean technology
Riverside 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 and
in 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 efficiency
Riverside has developed extensive experience in select
companies, which has already produced several successful
industries, 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 franchising
the 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 in
After purchase, these industry specialisation experts bring franchising helps the firm understand common challenges
decades of executive experience in their respective industries and capitalise on the compelling opportunities that successful
to provide crucial advice, skill and guidance that drives growth franchises offer, such as recurring fee revenues and broad
at portfolio companies, captures potential, and helps source expansion potential.
and integrate add-on opportunities.
Software
Healthcare As innovations in technology continue, the development of
Riverside 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 typically
the 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 element
Riverside is a sophisticated education and training investor, in the future of the firm. As new and diverse opportunities
having made more than 20 investments in the segment. Some present themselves, Riverside will continue to evolve and
of the firm’s most-successful investments, including its largest develop specialities to achieve deeper industry knowledge
gain 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 in
adding value to education and training companies.


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 exited
several 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
mLCoa
Acquired: may 2010 reed Business information [media Source]
Location: Australia Acquired: march 2010
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
the Lumen Dynamics group
Acquired: october 2010 proSchools [onCourse Learning]
Location: Canada Acquired: June 2010
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]
Location: United States Location: United States

orliman Carefacts [HeaLtHCarefirst]
Location: Spain Location: United States

8 9

2010 Year in review

ACqUISITIon hIGhLIGhTS

retaiL zoo
Location: Australia
www.boostjuicebars.com

retaiL zoo CompanY
meLBourne, 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
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.”
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


tHe arena group
Acquired: September 2010
Location: Italy
www.arenainternational.com

CompanY tHe arena group
Founded in 1973, Arena creates and markets waterwear toLentino, itaLY
products for competitive and recreational swimmers,
and it is recognised as one of the premium brands for
high-quality swimwear and equipment. A worldwide
player in the competitive waterwear segment,
with 2009 net sales of roughly €100 million, Arena
distributes its products in over 100 countries.


• 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 the
tHe Lumen DYnamiCS group future, as we truly believe
Location: Canada that Riverside will be an
www.ldgi.com
outstanding partner, able to
CompanY
The Lumen dynamics Group (LdG) specialises in
support Arena in its aim to
developing high-intensity Uv illumination and curing
products by leveraging a unique portfolio of patented
become the global leader
technologies and processes that use arc lamp, radiometry in the the waterwear sports
and light-emitting diode (LEd) technology. LdG had
previously been a part of the Life Sciences and Industrial market.”
division of EXFo, Inc., a publicly traded Canadian
corporation. CriStiano portaS,
arena group Ceo

• Market leader with established brands and
differentiated technology offering

• Proven technology development and
commercialisation processes

• Strong customer retention and repeat revenues

10 11

2010 Year in review

CREATInG LASTInG vALUE

riverSiDe LeaDerSHip Riverside begins adding value as soon as it invests in a
Summit 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.


2010 Year in review

2010 EXITS

2010 exitS: ComBineD groSS irr

entrix
Acquired: February 2003
Exited: June 2010

teufel Speakers gmbH
Exited: July 2010

veritext
Acquired: August 2005
2010 exitS: ComBineD groSS CaSH-on-CaSH return Exited: July 2010

Commonwealth Laminating & Coating
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 2010

12 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 gmBH
BerLin, 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 for
all parties involved. The
veritext
management of the company veritext provides court-reporting services to law firms, insurance

has developed a very dynamic companies, and corporations.

Acquired: August 2005
business and the offering to Exited: July 2010

Teufel’s customers is now more KeY StatiStiCS:
comprehensive than ever before. • 5.1x Gross Cash-on-Cash Return
• 38% Gross IRR
The Teufel case is a great Riverside grew veritext aggressively through the acquisition of 13
strategic add-ons, which were integrated rapidly and benefited
example on how private equity greatly from veritext’s reputation in the market and its strong

can add value to small/mid-cap infrastructure. Additionally, the add-ons deepened veritext’s
penetration of existing markets and helped increase revenue by
companies.” 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 result
voLKer 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.


CommonweaLtH Laminating & Coating
CLC designs, manufactures and distributes window film for the
automotive, residential and commercial markets. CommonweaLtH Laminating & Coating
virginia, uniteD StateS
Exited: August 2010

KeY StatiStiCS:
• 10.0x Gross Cash-on-Cash Return
• 68% Gross IRR

Riverside purchased CLC in April 2006, and during its hold
period supported management in a number of initiatives that
drove rapid organic growth. Under Riverside’s stewardship,
CLC made capital investments that significantly boosted the
company’s production capacity and invested in a new dyed
film line that improved product quality and strengthened the
company’s competitive position. The company expanded
its international presence during Riverside’s ownership period
by opening three new international distribution centres and
relocating a fourth. during this time, CLC also expanded
its product line, most notably in flat glass applications in
residential and commercial buildings.

“Riverside played
a crucial role in a
gti DiagnoStiCS remarkable expansion at
GTI diagnostics develops, manufactures and markets specialty
test kits for the in vitro diagnostics industry. CLC that allowed us to take
Acquired: July 2008 market share and prepare
Exited: december 2010
for the future in the midst
KeY StatiStiCS:
• 2.6x Gross Cash-on-Cash Return of one of the worst economic
• 46% Gross IRR
downturns in modern
during its ownership period, Riverside concentrated on
improving GTI’s sales, and boosted its presence in Europe, history.”
Australia and Asia while expanding the company’s product
offerings and growing organically. GTI also benefited from StepHen pHiLLipS,
Riverside’s operational expertise, which helped improve the CLC preSiDent anD Ceo
company’s profitability, improved inventory control, reduced
working capital requirements, and optimised pricing.

14 15

2010 Year in review

ChALLEnGES And ChAnGE

Lifetime exitS

Lifetime: 53% ComBineD groSS irr

Since the beginning of the global economic crisis, the
Lifetime: 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.


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 on
15% 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 managers
5% 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 and
0%
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

The Summit Medical Group exemplifies Riverside’s approach to
adding 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 and
to 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.


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 9145

18 19

“We will continue to evolve. Because the world
demands it. Because the race never ends.
And because it is fun and rewarding -
for you and for us.”
BéLa SzigetHY, riverSiDe Co-Ceo

© The Riverside Company 2011. Riverside and The Riverside
Company are trademarks or registered trademarks of
Riverside Partners L.L.C. in the USA and other countries and
may not be used without permission. Although Riverside uses
reasonable efforts to obtain information from reliable sources,
Riverside makes no representation that the information or
opinions contained in this brochure are accurate, reliable,
complete or up to date, and such information and opinions
are subject to change without notice. Information regarding
the past performance of Riverside’s portfolio companies is
not necessarily indicative of future results, and there can be
no assurance that Riverside will achieve comparable results
on subsequent investments.

The Riverside Company 2010 Annual Report

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