Irvine-based textile manufacturer Momentum Group was acquired on undisclosed terms by the private equity company 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 focuses on selling to architecture and design firms and to commercial furniture makers.
It doubled its EBITDA under each firm, Riverside and Norwest said, and Riverside said it plans to double Momentum’s EBITDA again within five years.
A Momentum executive said in a 2010 interview with the Business Journal that it had annual sales of $50 million. It currently employs 53 locally and 148 in total.
—Michael de los Reyes
