Riverside Strikes Gold with Latest California-based Investment
The Riverside Company, a global private equity firm focused on the smaller end of the middle market, has invested in Statcomm Inc. (Statcomm) as an add-on to its fire and life safety platform, Performance Systems Integration (PSI). Based in Portland, Oregon, PSI is a leading provider of fire and life safety services in the Pacific Northwest and Mountain West regions. The company provides customers with fire and life safety services including system inspection, service and monitoring, equipment and first-aid sales and cylinder repairs as well as installations for new construction and retrofits.
Statcomm is based in Mountain View, California, and provides repeating fire and life safety inspection, repair and maintenance services, as well as installation services for new construction and retrofits, to customers across various industries in the San Francisco Bay Area.
“Statcomm is the sixth add-on to PSI under Riverside’s ownership and expands our presence from the Pacific Northwest and Mountain West regions down to the Northern California region,” said Riverside Managing Partner Loren Schlachet. “The company is a great fit with PSI and opens up a number of new growth opportunities for the platform.”
PSI is committed to delivering customers a high quality of customer service through its “single-point-of-management” compliance services and solutions for fire protection and life safety needs. The company also operates a Fire King division specializing in cylinder requalification and maintenance in the Western U.S.
“We’re thrilled to add Statcomm to the PSI family and look forward to continuing to provide customers in the San Francisco Bay Area with exceptional levels of service and growing the strong business Statcomm has built over the years,” said PSI CEO Travis Everton.
This is one more example of Riverside’s commitment to the Business Services industry. Riverside has invested in more than 290 platform and add-on companies in the business services sector since 1988 as part of its private equity and structured capital strategies.
“We are excited to add Statcomm to the PSI platform and the prospective new growth opportunities entering the Northern California market brings,” said Riverside Partner John McKernan. “The market for fire and life safety businesses is highly attractive, with numerous opportunities to execute on. We will continue to pursue similar customer-focused fire protection companies with strong technicians and specializations in inspection, repair, maintenance and monitoring of fire and life safety equipment.”
Working with Schlachet and McKernan on the deal were Senior Associate Aakeem Andrada, Associate Alex Kozan, Operating Partner Ervin Cash and Finance Director Bart Thielen.