Management team to remain in place as ITEL enters new service areas JACKSONVILLE, Fla., June 9
JACKSONVILLE, Fla., June 9 /PRNewswire/ -- Private equity firm The
Riverside Company has purchased ITEL Laboratories, the independent testing
laboratory serving the property insurance industry. ITEL's management team
will remain in place.
"This financial partnership enables us to continue the success of our core
business -- flooring -- while at the same time entering new service areas,"
said Roger Mullins, ITEL Chief Executive Officer. "In addition to flooring, we
will soon provide independent and unbiased information for many claims
challenges, including cabinets, tile and stone, siding and water mitigation
verification."
Established in 1993, ITEL is the nation's largest independent tester for
determining fair-market replacement value of damaged products. Its customers
include most of the U.S. property insurance carriers, as well as claims
adjusters, contractors and property owners. ITEL was the first-ever U.S.
company to offer independent lab testing to determine market value of damaged
carpet. In its 15 years of business, ITEL has performed nearly two million
tests for property insurance carriers throughout the United States and Canada.
"We were attracted to ITEL because it's an industry leader in a niche
market," said Suzanne Kriscunas, Riverside Managing Partner. "We're looking
forward to working with ITEL as it continues to lead the flooring market
segment while growing additional service areas."
As an independent private equity group, The Riverside Company's ownership
does not interfere with ITEL's tradition of independence within its industry.
"Our independence is critical," said Mullins. "As an unbiased third-party
provider, we can guarantee that no one is paying too much or receiving too
little in the confusing and complex area of loss settlement."
About ITEL
ITEL helps insurance companies quickly, accurately and fairly settle
claims by testing flooring, siding and other samples sent from loss sites to
determine comparable replacement products and, for flooring, a fair settlement
price. The company is based in Jacksonville, Fla. More information is
available at http://www.itelinc.com .
About The Riverside Company
The Riverside Company is the largest global private equity firm focused on
the smaller end of the middle market ("SEMM") and is one of the industry's
most experienced leveraged buyout investors. Riverside specializes in
investing in premier SEMM companies (those valued up to $200 million) and
partners with strong management teams to build companies through acquisitions
and value-added growth. Since 1988, the firm has invested in 188 transactions
with a total enterprise value of $3.4 billion. Please visit
http://www.riversidecompany.com and http://www.riversideeurope.com for more
information.
SOURCE ITEL
