Private equity firm Riverside has completed its first exit of 2010 with the sale of environment consulting company Entrix to Australian company Cardno.
Founded in 1984, Entrix has 33 offices in 17 states and three countries and offers environmental and natural resource management consulting services.
Under Riverside’s ownership, Entrix expanded its geographic footprint, increased its range of services and more than doubled its revenue.
During its seven-year hold period, Riverside completed three strategic add-on acquisitions to the Entrix platform.
Through this exit, Riverside has achieved a 2.8x gross cash-on-cash return.
Anne Hayes, Riverside partner, says: “We’re proud of the work we’ve done to build Entrix into a bigger and better company with a leadership position in water and natural resource management and a national scope. Entrix has a stellar management team that has driven the growth initiatives and the effective integration of acquisitions which were key to our strategic plan – to capitalise on Entrix’s strong brand and reputation to extend their services and geographic reach. This successful exit comes despite an uncertain macroeconomic environment, which is further evidence of the deep underlying value Entrix offers to its clients.”
Entrix was part of the 2000 Riverside Capital Appreciation Fund.
Entrix’s management team will remain in place under Cardno ownership, and will be an important part of Cardno’s US strategy.
Todd Williams (pictured), Entrix chief executive, says: “Partnering with Riverside has allowed us to position Entrix for stronger growth than the overall market. This opportunity exists due to our ability to provide practical solutions to the many complex challenges faced by our clients such as water scarcity, greenhouse gas emissions and land use conflicts. The diversification across markets and services creates a unique ability to serve a variety of customers.”
