Private Equity Firm Buys Insurance Testing Lab

Jacksonville, FL, June 9 --Private equity firm The Riverside Company has purchased ITEL Laboratories, the independent testing laboratory serving the property insurance industry. ITEL's management team will remain in place.

"This financial partnership enables us to continue the success of our core business -- flooring -- while at the same time entering new service areas," said Roger Mullins, ITEL Chief Executive Officer.

Established in 1993, ITEL is the nation's largest independent tester for determining fair-market replacement value of damaged products. Its customers include most of the U.S. property insurance carriers, as well as claims adjusters, contractors and property owners. ITEL was the first-ever U.S. company to offer independent lab testing to determine market value of damaged carpet. In its 15 years of business, ITEL has performed nearly two million tests for property insurance carriers throughout the United States and Canada.

The private equity firm said it was attracted to ITEL because it's an industry leader in a niche market.

As an independent private equity group, The Riverside Company's ownership does not interfere with ITEL's tradition of independence within its industry.