Riverside sells RE Panels to THI Investments

The business currently posts EBITDA of €18m, Unquote understands. Under Riverside's ownership, consolidated sales and EBITDA doubled, according to a statement.

Under the GP's ownership, RE Panels completed a greenfield expansion in Poland and the add-on investment of Swiss peer Tecsedo in 2018.

Stuttgart-based THI Investments is a family office founded in 2016. It typically provides equity tickets of €30-90m to mid-market companies, generating EBITDA of €5-30m and valued at €60-250m. The family office has the flexibility of staying invested in a company for as little as three to five years, or to keep hold of the asset for a period of up to 10 years.

Previous funding
Riverside invested in Epco in 2016; senior debt for the transaction was provided by CBC Banque and Belfius, with a leverage representing about 40% of the deal value. The GP invested via its Riverside Europe Fund V fund, which closed on €340m around two years ago. The vehicle is now fully invested and has eight platforms remaining, Unquote has learned. 

Company
RE Panels groups Belgium-based Epco and Swiss company Tecsedo, both manufacturers of sandwich panels for residential, commercial and industrial sectional overhead doors.

The group generates sales of €70m, Unquote has learned. Founded in 2008, Epco is based in Blandain. 

People
The Riverside Company – Karsten Langer (managing partner); Damien Gaudin (principal); Fabio Pesiri (senior operating partner); Gaspard d'Avout d'Auerstaedt (senior associate).
RE Panels – Luc De Deygere (CEO).

Advisers
Vendor – Rothschild & Co (M&A); Allen & Overy (legal); WalderWyss (legal); Advocatenkantoor Parmentier (legal); Deloitte (financial due diligence, tax); Munich Strategy Group (commercial due diligence).

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