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The Riverside Company has acquired Alchemy Systems (Alchemy) of Austin, Texas, 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, including some of the largest and most well-known brands in the world.
Alchemy courses are focused on training line-level employees on food and workplace safety in a way that maximizes comprehension and knowledge retention. The Alchemy solution is designed to help customers effectively train employees to reduce safety incidents, increase productivity and comply with government and industry regulations, including the Food Safety Modernization Act and the Global Food Safety Initiative. Alchemy’s proprietary library of over 500 courses covers food safety, workplace safety and human resources training.
“Alchemy provides an exceptional service for a field in which we anticipate sustained growth,” said Riverside Managing Partner Loren Schlachet. “Laws and regulations around food safety are becoming increasingly stringent, and Alchemy’s cost-effective and proven training solutions are ideal for meeting those growing needs.”
Riverside brings considerable experience in both software and technology companies and training and education companies. With specialized teams of advisors, operators and transactors focused on specific deals, 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.