Momentum Group an Irvine based textile maker selling textiles, primarily to furniture makers, architecture and design firms has been acquired by Cleveland-based Riverside Co. Terms of the deal were not disclosed.
Momentum has a highly-successful organic growth-oriented business model that stems from providing innovative sustainable products from a global supply base to a diverse set of customers in a variety of end markets, said Timothy Kuchi, NEP Partner and Momentum board member.
The companyâ€™s solid track record of outperforming the market year after year positions them well to continue on the same growth trajectory for the future.
Riverside Co. already has history with the company. The group invested in Momentum in 2006 before selling the company to Norwest Equity Partners in 2011. The group is now divesting the company back to Riverside Co.
Norwest Equity Partners doubled Momentumâ€™s earnings before interest, tax, depreciation and amortization, according to a press release. Momentum was a great fit for their firmâ€™s distribution investment strategy.
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