Riverside Partners Exits R&D Altanova to Advantest Corporation

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Nov 17, 2021, 09:00 ET

BOSTON, Nov. 17, 2021 /PRNewswire/ -- Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company, R&D Altanova, has been acquired by Advantest Corporation, a manufacturer of automatic test equipment for the semiconductor industry (TSE: 6857). Based in South Plainfield, NJ, R&D Altanova is a leading provider of consumable test interface solutions for the semiconductor industry. It designs, fabricates, and assembles PCB test boards, substrates, and interconnects which are used in the design testing process for integrated circuits. Financial terms of the transaction were not disclosed.

"R&D Altanova has been an exciting investment for Riverside Partners," said David Del Papa, a General Partner at Riverside Partners. "It represents what we seek to achieve. In partnership with company management, we have grown the company and transformed it from a founder-owned business with a solid reputation and customer base into a professionally run international business with multiple products serving some of the world's largest semiconductor companies."

David Belluck, a General Partner at Riverside Partners, added that "under the leadership of Seyed Paransun who we recruited as CEO, R&D Altanova has grown by continuing to deliver superior design engineering, operational excellence, and a commitment to meeting its customers' needs. We look forward to continuing to see R&D Altanova expand and thrive as part of Advantest."

Mr. Belluck added, "This is the third exit from Riverside Partners Fund V and the first exit since we announced the Fund V Continuation Fund in March this year."

"Riverside Partners has been a great partner to R&D Altanova," remarked Seyed Paransun, CEO of R&D Altanova. "They provided significant investment and guidance to expand our business. They helped us expand the management team, upgrade our physical plant, broaden our customer base, and introduce new products. These actions resulted in R&D Altanova being well-positioned to continue to meet the needs of our customers as we enter our next chapter with Advantest."

About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm with total capital commitments of $1.6 billion raised since inception. The firm focuses on growth oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies.

For more information, visit https://www.riversidepartners.com/.

About R&D Altanova
R&D Altanova specializes in automated test environment interface boards, substrates, and connectors primarily for the semiconductor market. With offices in New Jersey, Pennsylvania, California, Costa Rica, and Asia, R&D Altanova provides a comprehensive suite of full turnkey capabilities including design, fabrication, and assembly & test for its products. The company's products are used by some of the of the world's largest integrated device manufacturers, fabless semiconductor companies, and semiconductor foundries. Learn more at www.rdaltanova.com.

SOURCE Riverside Partners