Riverside invests in Australia’s IPAR Rehabilitation
The Riverside Company has acquired in IPAR Rehabilitation, an Australia-based provider of injury prevention and management and rehabilitation services that minimize the impact of workplace injury and illness.
The size of the investment was not disclosed, but the private equity firm typically targets companies with enterprise values of $25-150 million.
IPAR primarily serves insurance companies that administer or underwrite workers' compensation cases for various government entities. It provides injury prevention programs - including job task analysis and ergonomic analysis - for employers and also offers services that assist employees returning to work after injury.
Founded in Melbourne in 2003, IPAR now has operations in 41 locations nationwide and employees more than 240 people. Riverside sees potential for organic growth and bolt-on acquisitions that enable the company to expand into adjacent industries where it is currently underpenetrated. Disability employment services and outsourced injury claims management are specific targets.
"IPAR is a proven business in an expanding market and we're confident that Riverside can help accelerate the company's growth," said Nick Speer, a principal at Riverside, in a statement. "We look forward to working with IPAR's excellent management team to make this business bigger and better."
Riverside closed its second Asia-focused buyout fund last year at $235 million after about 12 months in the market, surpassing its original target by 60%. It concentrates on family-founded businesses or small corporate carve-outs across healthcare, education, software, specialty manufacturing and franchise-based companies.
Around 40% of the fund will be invested in Australia, with Japan and Singapore-Malaysia each accounting for 25%. The remaining 10% will go to South Korea and Hong Kong.
In the past year, Riverside has invested in Australian orthopedic implants manufacturer Global Orthopaedic Technologies and acquired C-Learning, an Australia-based developer of online education courses, to complement its existing education asset in the country, Learning Seat.
Westpac provided debt financing for the IPAR deal, while Herbert Smith Freehills served as legal counsel and KPMG and Deloitte supplied accounting and tax advice.
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