The Riverside Company has sold a non-voting minority stake to Parkwood LLC to accelerate continuing growth.
Parkwood is a limited partner in multiple Riverside funds. Parkwood’s acquisition of just under 10% of the firm will be all primary capital, with the investment being used to fuel growth and make Riverside even better, said Riverside Co-CEO Béla Szigethy. An employee option plan has also been established to retain and reward employees.
Parkwood LLC is a private financial services company based in Cleveland, Ohio. It employs more than 60 experienced professionals offering investment advisory services, financial and tax services, multi-generational estate planning, and other professional services.
Keefe, Bruyette & Woods and Jones Day advised Riverside on the investment.
Jones Day has advised The Riverside Company on the sale with a team led by John Saada.
Involved fees earner: John Saada – Jones Day;
Law Firms: Jones Day;
Clients: Riverside Company;