Irvine-based textile maker Momentum Group has been acquired on undisclosed terms by private equity company the Riverside Co., which is headquartered in Cleveland, Ohio.
Riverside invested in Momentum in 2006 and sold the portfolio company to Minneapolis, Minn.-based private equity firm Norwest Equity Partners in 2011.
Momentum, which focuses on selling to architecture and design firms and to commercial furniture makers, doubled its EBITDA under each firm, Riverside and Norwest said.
Riverside said it can double Momentum’s EBITDA again within five years.
Riverside kept in contact with Momentum’s corporate leaders after the original sale, said Riverside Partner Meranee Phing in a phone interview from her San Francisco office. “Momentum is at the forefront of textiles, has a world of growth opportunities, and has a fully talented management team,” she said.
A Momentum executive said in an interview with the Business Journal in 2010 that it had annual sales of $50 million. It currently employs 53 locally and 148 in total.
The Business Journal last year ranked it the 18th best place to work in Orange County.