Superior Street Partners acquires Riverbend Nursery
Lower middle-market private equity from Superior Street Partners has acquired Riverbend Nursery.
Union First Market Bank provided the senior debt financing for the transaction, in addition to providing continuing working capital support.
Based in Virginia, Riverbend Nursery is a producer and distributer of perennial plants, herbs, and ground cover, with sales primarily to the independent garden centre and landscape contractor markets. The company was founded in 1984 by Jim Snyder, who will remain chief executive officer.
Jon Herbst, president of Superior Street Partners, says: "The core operations and focus on quality production and superior customer service will remain unchanged post acquisition. We view the investment as an opportunity to partner with Jim Snyder and a successfully built operation, which includes a solid level of next generation management. Our plan is to carefully further expand the plant segment and green roof business, which is still a relatively young market domestically as part of a solution for storm water runoff, and presents a significant growth opportunity."
Snyder says: "The transaction enables Riverbend to further grow and expand the business, bringing new opportunities and room for growth to both employees and customers. Having this type of long-term partner secures our future as a continued leader in the perennial and green roof industries, and their interest in maintaining operations aligned well with our commitment to superior products and customer service."
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