River Associates Acquires Caster Connection
Chattanooga, TN, December 19, 2022
River Associates Investments, LP (“River Associates” or “River”), a longstanding lower-middle market private equity firm based in Chattanooga, TN, announced that it has acquired Caster Connection, LLC (“Caster Connection”, “CCI” or “the Company”). The transaction closed on December 19, 2022.
Founded in 1987 by Sally Hughes and based in Columbus, OH, Caster Connection is a leading supplier of industrial casters and other related products. The Company’s casters are focused on serving material handling applications, providing industry leading ergonomic performance and solutions to manufacturing clients across a multitude of industries.
“In River Associates, we have found a partner who shares our same values, respects our culture and will provide us with the strategic direction, experience and resources we need to grow far into the future,” said Joe Lyden, President of Caster Connection. “I am very proud of the talented management team and employee base we have built at Caster Connection, and we expect an excellent partnership with River over the years to come.”
“River is proud to announce our latest platform acquisition: Caster Connection,” said Patten Pettway, Partner at River Associates. “Founded in 1987, the Company has a longstanding reputation for its technical expertise, strong product performance, dedicated customer service and customer loyalty and trust. We are excited for the opportunity to partner with the management team to support the continued growth and success of the company.”
River funded the transaction with equity from its eighth investment fund (River VIII, L.P.). Financing was provided by Abacus Finance. River Associates was advised by Waller Lansden Dortch & Davis, LLP. Caster Connection was advised by Opportunity Capital, Greenwich Capital Group and Ice Miller LLP.
Caster Connection will seek to acquire businesses that supply similar or complementary products as referenced above. Please contact Mark Jones for additional information.
About River Associates:
River Associates Investments, LP (“River Associates”) is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 30 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies. River Associates is opportunistic as to industry and has invested in numerous manufacturers, high margin distributors, industrial service providers and business service companies. The firm targets U.S. & Canadian companies typically with EBITDA in the $3-15 million range. Since its founding in 1989, River Associates has initiated more than 100 transactions, many of which have been strategic add-on acquisitions to platform companies. For more information visit www.riverassociates.com.