The Riverside Company has joined Ownership Works, a network founded by KKR’s Peter Stavros to facilitate equity participation among employees. Some of the most prominent buyout firms are partners of Ownership Works: Apollo, TPG, Warburg Pincus, Ardian, Ares, KKR, L Catterton, Leonard Green and Partners, Goldman Sachs, Silverlake, Altamont Capital Partners, Oak Hill and Capitol Meridian Partners.
Private equity partners of Ownership Works must extend ownership opportunities to employees of some portfolio companies where the firms have controlling stakes. Riverside, headquartered in Cleveland, Ohio, will gradually implement shared ownership programmes to certain strategies and portfolio companies.
“The programme empowers employees to speak up and make decisions, fostering company growth and increasing financial inclusion – creating a stronger, more engaged workforce,” a press release from Riverside states.
“This is the right thing to do from a business standpoint because it will create better outcomes, but it’s also the right thing to do from a social equity standpoint,” Riverside co-chief executive Stewart Kohl said in the release.