Riverside Partners LLC, a Boston-based private equity firm, announced today that its portfolio company Pilgrim Quality Solutions, Inc., a leading provider of quality and compliance management software and services for Life Sciences, has been acquired by a U.S.-based strategic acquirer. Financial terms of the transaction were not disclosed.
Headquartered in Tampa, Florida, Pilgrim's SmartSolve® platform is unique in its ability to address the needs of clients through best-in-class integrated quality management solutions that help manage the capabilities and complexities of the life sciences end markets. Riverside Partners acquired Pilgrim in 2011. As part of the broader strategic platform, Pilgrim will continue to operate under the Pilgrim name and will continue to be led by Chief Executive Officer Rick Lowrey.
Michelle Noon, General Partner at Riverside Partners and Chairman of the Board of Pilgrim commented, "Pilgrim represents precisely what we seek to achieve with our investments and our partnerships with our portfolio companies. Over the course of our ownership, and in partnership with management and the employees of Pilgrim, the Company transformed from a founder-owned company with a solid product and customer base into a clear QMS platform leader in cloud-based software solutions serving leading organizations within medical device, pharmaceutical, biotech, blood, diagnostic labs and other life sciences segments." Ms. Noon continued, "We look forward to seeing Pilgrim continue to grow and thrive under new ownership."
"The entire Pilgrim team is proud of the value that Pilgrim and our SmartSolve solutions brings to our customers through our differentiated platform, product, and services offerings," stated Rick Lowrey, President and CEO of Pilgrim. "We are delighted that the Company's value has been recognized and we're energized to pursue the opportunities that will result from the complementary combination of the businesses. Our customers can continue to expect leading product and service offerings from Pilgrim as we expand within our core Life Sciences and adjacent markets."
About Riverside Partners LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies in the technology and healthcare sectors. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Riverside Partners seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
About Pilgrim Quality Solutions
Pilgrim Quality Solutions is the leader in quality compliance management software and services for Life Sciences. For more than 20 years, our solutions have automated thousands of processes across global company sites to manage the quality and compliance of life's most important products. Our cloud-based and on-premise solutions include in-the-box best practice workflows, document and process management, dashboards, electronic signatures, audit trails, and automated validation – helping companies more easily achieve quality system compliance and pass regulatory audits. With Pilgrim Quality Solutions as your partner, you are prepared to succeed. For more information, visit www.pilgrimquality.com.