Street Talk
The Riverside Company seeks to acquire Wollongong-based IT business
Six months after securing investors a sweet payday with the $1.6 billion sale of its Energy Exemplar portfolio company to rival sponsor Blackstone, The Riverside Company is back and preparing to bet big on Australia’s fast-growing technology sector.
Street Talk understands investment firm Riverside, led locally by Melbourne managing partner Simon Feiglin, is in advanced talks to acquire Wollongong’s Virtual IT Group, a full-service information technology outfit that makes $15 million a year at the earnings line.
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
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