About
Private equity firm purchases ITEL Laboratories
Management team to remain in place as ITEL enters new service areas
“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, Florida. More information is available at 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 www.riversidecompany.com and www.riversideeurope.com for more information.