Private Equity Firm Purchases Diamond Wipes

River Associates Investments, L.P.,, a longstanding lower middle market private equity firm based in Chattanooga, TN, has acquired Diamond Wipes, Inc.  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,” says 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, previously owned by Nolan Capital, 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 Mark Jones or Kirby Poindexter.