Riverside Acquires SaaS-based Alchemy Systems
The Riverside Company acquired Austin, TX-based Alchemy Systems, a provider of food and workplace safety training solutions delivered through a software-as-a-service (SaaS) model. Alchemy serves more than 300 customers in the food manufacturing, processing, farming and retail industries.
Alchemy courses are focused on training line-level employees on food and workplace safety. The courses help customers train employees to reduce safety incidents, increase productivity and comply with government and industry regulations. Alchemy’s proprietary library covers food safety, workplace safety and human resources training.
Riverside brings experience in both software and technology companies and training and education companies. The firm has acquired more than 30 education and training companies and more than 20 software companies, many of which are SaaS based.
“We understand the value of SaaS providers, and we’re particularly excited about Alchemy,” said Riverside principal Brian Sauer. “Compliance and food safety training are major issues, and Alchemy’s solutions are an ideal fit for the large global market of food and food service providers.”
Alchemy CEO Jeff Eastman is looking forward to growing the business together with Riverside.
“Alchemy is excited about partnering with Riverside,” said Eastman. “We will further invest in developing excellent training options so that we can continue to provide customers with the industry-leading food and workplace safety training solution.”
Working with Schlachet and Sauer on the transaction for Riverside were senior associate Stephen Rice, associate Ryan Philyaw, and operating partner Dave Tiley. Regional director, origination Jeremy Holland originated the deal for Riverside.
Vaquero Capital advised Alchemy on the transaction. Deerpath provided the financing and Jones Day and Deloitte advised Riverside on the investment.
The Riverside Company is a private equity firm focused on acquiring growing businesses valued at up to $200 million.
Alchemy provides food and workplace safety training for production workers.