MIAMI, FL – (July 12, 2011) Trivest Partners (“Trivest”) today announced that its affiliate, Ryko Manufacturing Co. (“Ryko”), has acquired Hill & Foss, Inc. (the “Company”). Based in Norcross, Georgia, Hill & Foss is the exclusive Ryko distributor in South Carolina, Georgia and Tennessee. In addition to Ryko equipment sales, the Company provides car wash repair/maintenance services and chemicals. The Hill & Foss acquisition was funded with capital from Ryko’s revolving credit facility.
Steve L’Heureux, Ryko’s CEO, said, “We are excited to have completed our first add-on in Ryko’s 38 year history. We look forward to continuing the outstanding service and strong customer support that Hill & Foss has provided to its customers over the past 35 years. We also anticipate delivering exciting new OEM programs on a direct basis. We would like to thank Tom and Pam Foss for their partnership and support throughout this process.”
Troy Templeton, Trivest Managing Partner and Ryko’s Chairman, added “The Hill & Foss acquisition fits nicely within Ryko’s acquisition strategy and provides us with strong customer relationships in an attractive market. Ryko will continue to take proactive steps to reaffirm the Company’s position as the in-bay carwash equipment and service leader.”
Ryko is a leading manufacturer and servicer of automated car wash systems. The Company 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. For additional information, please visit www.ryko.com.
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. The Firm is currently investing Trivest Fund IV with over $325 million of committed capital. Since its founding in 1981, Trivest has completed more than 170 transactions, totaling more than $4.6 billion in value. For additional information, please visit www.trivest.com.
