BOSTON, Oct. 5 /PRNewswire/ -- Riverside Partners, based in Boston, MA, is pleased to announce that it has partnered with management to acquire GEMCITY Engineering & Manufacturing ("GEM" or the "Company").
GEM is a contract and specialized equipment manufacturer of highly engineered products serving the defense, healthcare, semiconductor, and industrial machinery markets. The Company leverages its electro-mechanical engineering expertise as well as lean, flexible and automated manufacturing processes to dramatically improve the manufacturability of complex products. GEM's capabilities are utilized by many of the world's most demanding equipment OEMs, including Intel, Siemens, IBM, Hitachi and iRobot Corp. The Company is the manufacturer of iRobot's Packbot Explosive Ordinance Disposal robots. GEM is headquartered in Dayton, Ohio with manufacturing facilities in Dayton and Thailand.
"GEM's longstanding and strategic relationships with customers like iRobot and Siemens, its talented management team and its history of engineering equipment for the most mission critical applications make it a perfect match for Riverside Partners. Jim Whalen and his team have positioned the company for significant future growth. In today's environment, many customers are seeking out a contract manufacturer with the engineering skills of GEM to improve product design and manufacturability leading to higher quality and reduced costs," said Steven F. Kaplan, a General Partner at Riverside.
"The management team at GEM is extremely excited about our partnership with Riverside Partners. We believe that Riverside's extensive experience in the technology manufacturing industry will be a catalyst for accelerating the growth of the company," said Jim Whalen, CEO of GEM.
About GEMCITY Engineering and Manufacturing
Founded in the 1930s, GEMCITY Engineering and Manufacturing is a highly specialized equipment manufacturer with facilities in Dayton, Ohio and Bangkok, Thailand. The Company focuses on lean manufacturing of electro- mechanical assemblies, subassemblies, and systems. Strong values and a sense of integrity have always been pivotal to doing business with GEM.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund III, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. We are currently focused on companies with revenues between $20 -- 200 million and with $5 -- 25 million of EBITDA.
|SOURCE Riverside Partners|
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