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From Home Furnishing Business

The Riverside Co. Divests ProfitSystems' Investment

Private equity firm The Riverside Co.  has divested its investment in software provider ProfitSystems

Riverside invested in ProfitSystems in 2006, holding the company through the downturn in the furniture industry that coincided with the recession. Riverside’s support helped the company maintain profitability and grow market share despite the challenging environment, leaving the company poised for growth.

“We’re really proud of what we accomplished working with the great management team at ProfitSystems,” said Loren Schlachet, Riverside managing partner. “In the face of headwinds, we were able to keep the company healthy, develop new products, complete an add-on acquisition, and grow its customer base.”

Other key accomplishments made by ProfitSystems and its management team during Riverside’s hold include the development of a SaaS product and increasing market share.

“Thanks to a lot of hard work by management and Riverside, PROFITsystems has become the clear leader in its niche with a deeply loyal customer base,” said Brian Sauer, Riverside principal. “ProfitSystems has been a success story with Riverside and the company is ready for more great things in the future.”

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