JEGI | CLARITY REPRESENTS PROSITES IN SALE TO ROCKBRIDGE GROWTH EQUITY
New York, NY, October 29, 2019 – The Riverside Company, a global private equity firm focused on the smaller end of the middle market, has sold digital marketing provider ProSites, Inc., to Rockbridge Growth Equity. ProSites offers website design and hosting, reputation management, search engine optimization, social media management, pay-per-click advertising, and practice communication software to more than 14,000 dental, medical, financial, and accounting practices.
JEGI | CLARITY (www.jegiclarity.com), the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors, with offices in New York, Boston, London and Sydney, represented Prosites and Riverside in this transaction.
During Riverside’s hold, ProSites transformed from a website designer into the industry’s leading comprehensive online marketing solutions provider. The company completed two add-on investments, deepened existing customer relationships, enhanced sales and marketing efforts, and launched new products and functionality.
In 2011, Riverside’s initial investment was in platform company CPA Site Solutions (CPASS), the industry’s number one website provider for accounting businesses. In 2013, Riverside pursued a similar strategy and added ProSites, the market-leading website provider for dentists. The merger strengthened both entities by combining innovative technology with website design expertise and provided the scale to build a comprehensive suite of digital marketing services. With the addition of PracticeMojo in 2017, Riverside added further capabilities as a provider of cloud-based SaaS software.
“It was a pleasure working with ProSites’ highly effective management team,” said Riverside Managing Partner Loren Schlachet. “The dynamic leadership led to expanding market share and sales growth, and their commitment to innovation was evident in the addition of premium, ‘always on’ marketing solutions that truly drove client retention.”
ProSites is another example of Riverside’s commitment to investing in the Software and Information Technology Specialization. Riverside has invested in more than 130 software and IT companies since 1988 and has built a team of global experts who understand how to grow these types of organizations.
“At the beginning of our investment, ProSites was a leader in website design and hosting services for dental and accounting practitioners,” said Riverside Partner Alan Peyrat. “After our successful partnership with the ProSites team, it has now become the leader in the rapidly growing marketing and workflow solutions arenas as well.”
“We are grateful for the time we have spent with Riverside team and the support we received as we worked together to grow our businesses over the last few years,” stated Dave Rutan, CEO of ProSites. “As we look ahead, we are equally as excited about our next chapter, working with Rockbridge and partnering with them on innovative and creative ways to continue to grow our business.”
Working with Schlachet and Peyrat on the deal for Riverside were Partner Dan Haynes, Senior Associate Sara Mostatabi, Operating Partner Dale Fuller and Finance Director Kim Katzenberger.
ProSites delivers innovative website design and online marketing solutions that help professionals achieve measurable practice growth. Their comprehensive suite of solutions includes ready-to-go and custom website design, search engine marketing, social media management, automated patient communications and pay-per-click solutions. Trusted by over 14,000 dental, medical and professional practices, ProSites is endorsed by 12 state dental associations, a five-time honoree on Inc. 5000’s list of America’s Fastest-Growing Private companies and a 2015 and 2016 Dentaltown Townie Choice Award recipient. For more information, visit www.prosites.com.
About The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 600 investments. The firm’s international private equity and structured capital portfolios include more than 100 companies. For more information, visit www.riversidecompany.com.
About Rockbridge Growth Equity
Founded in 2007, Rockbridge Growth Equity, LLC is a Detroit, Michigan-based private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media & entertainment industries. Rockbridge owns equity stakes in White Glove, Connect America, RapidFinance, Gas Station TV, Kings III of America, and Robb Report, and is affiliated with other leading businesses in its target sectors including Quicken Loans, the 2016 NBA champion Cleveland Cavaliers, Amrock and StockX. Since its inception, Rockbridge Growth Equity has managed more than $500 million of equity in its portfolio of companies. For more information, visit www.rbequity.com.
About JEGI | CLARITY
JEGI | CLARITY is the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors. With offices in London, Sydney, New York and Boston, we have closed more than 700 transactions during our 30+ year history. For more information, visit www.jegiclarity.com.
“The JEGI | CLARITY team took the time to understand ProSites’ unique position in the market and growth strategy, as well as provide industry insights, market advice, and strategic introductions far in advance of the exit process. The committed senior attention was critical in successfully closing the transaction and achieving our valuation and other key objectives.”
– Alan Peyrat, Partner, The Riverside Company