RPI Raises $5 Million in Second Round of Financing
SEATTLE—Oct. 21, 2010—RPI (www.rpiprint.com), a leader in automated manufacturing and fulfillment for the consumer make-on-demand printed products market, today announced it has closed a second financing round of $5 million with Portland, OR-based Riverlake Partners as the lead investor. Huntington Capital of San Diego, CA, furthered its commitment to RPI by also participating in this round of financing.
RPI will use the additional funds to accelerate its strategic growth plan, which has enabled the company to build a leading position in the rapidly growing consumer market for personalized products, such as photo books, calendars and greeting cards.
“During the last 12 months, RPI has successfully put in place a business plan that will enable it to disrupt the market for personalized consumer make-on-demand products,” said Dave Gens, RPI’s executive vice president. “In Riverlake Partners, we’ve found a partner that has specialized expertise in the consumer manufacturing and business services sectors that helps propel its portfolio companies to the next level. Together, we can capitalize on the tremendous opportunities within the booming customization market.”
As part of its investment, Riverlake Partners’ Victor (Vic) G. Petroff joins RPI’s board of directors as chairman. He has an extensive background in building and operating successful businesses in the industrial and consumer product fields. Before joining Riverlake Partners in 2003, he was the president of the Precision Interconnect Division of Tyco International, Ltd., with over $160 million in annual sales and manufacturing divisions in Asia, Mexico and Europe. He currently serves as the chairman of Pinnacle Exhibits, Inc. and Gamblin Artists Colors Co.
“RPI has successfully reinvented itself by focusing exclusively on the personalized make-on-demand printed products market, and we believe this important differentiator sets it apart from other manufacturing and fulfillment companies,” Petroff explained. “RPI already partners with top-tier retailers representing more than 40 percent of the total U.S. market for photo products. Now, with Riverlake Partners’ investment, RPI can continue to set the pace for the market through new, innovative technology offerings and the creation and manufacture of unique product lines that appeal to every demographic.”
About Riverlake Partners
Riverlake Partners, LLC is a private equity firm focused on leveraged growth investments in small, profitable companies within the consumer products manufacturing and business service industries. Founded in 2003, it has two funds and typically targets companies with enterprise values of $15 to $60 million, and partners with existing management teams to develop and execute on long-term growth strategies. Past and current portfolio companies include Stock Equipment Company, O’Currance Teleservices, Inc., Pinnacle Exhibits and SP Industries. Corporate headquarters are located in Portland, OR. For more information, please visit www.riverlakepartners.com or call 503-228-7100.