Charleston investment firm buys stake in another local firm
John McDermott | May 27 2014 10:10 am
One Charleston company has acquired a stake in another.
Gold Ridge Asset Management said in a statement Tuesday that it has made an investment in SIB Development & Consulting. The amount was not disclosed.
The private equity firm said it “will become deeply involved in the day-to-day management” of Charleston-based SIB.
SIB was founded in 2008 and works with restaurant groups, hospitals, universities, government agencies and other organizations to analyze and cut their utility bills and other fixed monthly expenses.
“The partners at Gold Ridge bring a significant amount of management experience, and we are excited about having them as an active part of our team as we look to capitalize on our existing model while also expanding into new sectors,” said Dan Schneider, SIB’s founder and CEO.
Gold Ridge, which also has an office in Connecticut, said the investment fits in with its focus on stable, profitable East Coast businesses with less than $10 million in sales.
“We typically look to invest in companies who have built a solid platform and need a partner to provide strategic and financial support to take them into their next phase of growth,” said Michael Knox, president of Gold Ridge. “SIB is a perfect fit for those criteria, and we’re also pleased to be supporting a local Charleston company.”
Contact John McDermott at 937-5572.