MIAMI, FL – (December 21, 2010) Trivest Partners (“Trivest”) today announced that it has completed the recapitalization of Ryko Manufacturing Co. (“Ryko” or the “Company”), a leading manufacturer and servicer of automated car wash systems. Consistent with its long standing strategy, Trivest acquired the business from Ryko’s founder, Jim Nelson. Ryko’s management team will continue to lead the day-to-day operations of the Company. The Ryko transaction represents Trivest’s fourth platform investment in 2010.
Ryko manufactures a full line of friction and touch-free rollover car washes, along with conveyor, drive-through, and self-service car wash systems. Additionally, the Company provides installation services, preventative maintenance and carwash chemicals through the most expansive car wash service network in North America. The Company, which was founded in 1973, operates from its headquarters in Grimes, Iowa.
Tom Carleton, Ryko’s Chief Executive Officer stated, “We strongly believe that the Company will benefit not only from the capital that Trivest has invested into our business, but also from the strategic knowledge that Trivest has gained over its 29-year history. Trivest’s knowledge of our manufacturing and service business model were a key differentiator. This new investment is a reflection of our commitment to grow our long term market position, technology and service offering. We look forward to working with Trivest and executing this strategy together.”
Troy Templeton, Trivest’s Managing Partner stated, “We are very excited about our partnership with Ryko. Over the last four decades the Company has built one of the most respected and recognizable brands in the car wash industry. Additionally, the Company’s leading market share, time tested products, and broad service offerings give the Company a solid foundation from which to grow. We are thrilled to be a part of the Ryko story and look forward to the Company’s continued success.”
Trivest Fund IV, with $325 million in commitments, provided the equity for the transaction.
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 150 transactions totaling more than $4.5 billion in value. For additional information, please visit www.trivest.com.