River Associates Acquires Diamond Wipes
River Associates has acquired Diamond Wipes, a contract manufacturer of disposable wet wipes and personal care products, marking the lower middle-market firm's second platform investment of 2026.
CHATTANOOGA, TENN., Aug. 18, 2026. River Associates Investments, L.P., a lower middle-market private equity firm based in Chattanooga, has acquired Diamond Wipes, Inc. The transaction closed August 7, funded through the firm's River VIII, L.P. fund.
Diamond Wipes, headquartered in Chino, California, with an additional facility in Fredonia, Wisconsin, is a contract manufacturer of disposable wet wipes and liquid-fill personal care products. The company serves brands, retailers, and distributors across North America, offering product ideation, formulation, manufacturing, filling, packaging, quality testing, and distribution across personal care, cosmetic, household, sanitizing and disinfecting, and healthcare markets.
"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."
"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," said Ken Trent, Principal of River Associates.
The deal is River Associates' second platform investment closed in 2026 and its seventh overall investment of the year. River Associates was advised by Holland & Knight LLP, while Diamond Wipes was advised by Intrepid Investment Bankers and O'Melveny & Myers LLP. Diamond's management team plans to pursue add-on acquisitions in complementary businesses.