River Associates Acquires Diamond Wipes

Chattanooga, TN, August 17, 2026

River Associates Investments, L.P. ("River Associates"), a longstanding lower middle market private equity firm based in Chattanooga, TN, is pleased to announce the successful acquisition of Diamond Wipes, Inc. ("DWI", "Diamond" or the "Company"). The transaction closed on August 7, 2026.

Headquartered in Chino, CA with an additional campus in Fredonia, WI, Diamond is a contract manufacturer of disposable wet wipes and liquid-fill personal care products serving brands, retailers, and distributors across North America. Diamond provides end-to-end capabilities including product ideation, R&D/formulation, manufacturing, filling, packaging, quality testing, and distribution across a diverse range of product categories. Diamond manufactures products across a variety of end markets, including personal care, cosmetic, household, sanitizing and disinfecting, and healthcare.

"We are excited to partner with River Associates as we enter the next phase of growth for Diamond Wipes," said Steve Gallo, CEO of Diamond Wipes. "River's experience partnering with growing lower middle market manufacturing businesses and its collaborative approach made the firm an excellent fit for our team. We look forward to continuing to invest in our capabilities, people, and customer relationships while building on the strong foundation Diamond Wipes has established over more than three decades."

"We are excited to welcome Diamond Wipes to the River Associates portfolio," said Ken Trent, Principal of River Associates. "Over more than three decades, the Company has earned an outstanding reputation for quality, innovation, and customer service, supported by a talented team and versatile manufacturing operations in California and Wisconsin. We look forward to partnering with management to build on that foundation and accelerate the Company's next chapter, both organically and through strategic acquisitions."

The acquisition of Diamond Wipes represents River Associates' second platform investment closed in 2026 and its seventh overall investment of the year.

River Associates funded the transaction with equity from its eighth investment fund, River VIII, L.P. Diamond Wipes marks River's seventh platform investment in River VIII. Ken Trent, Principal, Stuart Vyule, Principal, and Conor Lange, Vice President, led the process for River Associates. River Associates was advised by Holland & Knight, LLP. Diamond Wipes was advised by Intrepid Investment Bankers and O'Melveny & Meyers LLP.

River Associates and the Diamond Wipes management team plan to pursue strategic add-on acquisitions that complement and enhance the platform. The team is seeking businesses that manufacture or contract-manufacture wipes, liquids, or other consumer and personal care products; serve personal care, household, or adjacent end markets; or add complementary product, geographic, or manufacturing capabilities. For more information or to share potential add-on opportunities, please contact or .

About River Associates:

River Associates is a private equity firm based in Chattanooga, TN, which has focused exclusively on investing in the lower middle market for over 35 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies in the U.S. and Canada with initial EBITDA in the $3-12 million range. River Associates is opportunistic as to industry and has invested in numerous niche manufacturers, high margin distributors, industrial service providers and business service companies. Since its founding in 1989, River Associates has completed more than 125 transactions and is investing its eighth investment fund with $345 million of committed capital.