Private equity firm The Riverside Co. sold a non-voting minority stake of less than 10% to family office and investment advisory firm Parkwood LLC, confirmed Graham Hearns, managing director of Riverside in an email.
Financial terms of the transaction are not being disclosed. The deal closed April 1.
“All the proceeds will be going back into the company (Riverside) to make it even stronger and grow faster,” Mr. Hearns stated.
Riverside's co-CEOs Steward Kohl and Béla Szigethy remain majority owners of the firm. “Riverside's co-CEOs have enjoyed a long-term relationship with Parkwood's Chairman and CEO Morton Mandel,” Mr. Hearns added.
Parkwood is a limited partner in multiple Riverside funds. “Parkwood has a deep understanding of Riverside, including our strategy, market leadership and culture,” Mr. Kohl stated in a joint news release.
Riverside has $5.1 billion in assets under management.