MIAMI, FL – (May 30, 2012) Trivest Partners (“Trivest”) today announced that its affiliate, Ryko Solutions, Inc. (“Ryko”), has acquired Tarheel Wash Systems (“Tarheel” or the “Company”). Based in Stokesdale, North Carolina, Tarheel is the exclusive Ryko distributor in Western North Carolina and Western Virginia. In addition to Ryko equipment sales/installation, the Company provides car wash repair/maintenance services and chemicals.
Steve L’Heureux, Ryko’s CEO, said, “Tarheel represents Ryko’s third add-on acquisition in the last twelve months. We are excited about the opportunity to continue to provide tier-one customer service/ support to the Tarheel customer base. We are also thrilled to continue to build on Ryko’s industry leading national service organization. We would like to thank Tarheel’s founders Steve Ellis and Heather Oriol, both of whom have accepted key leadership roles with Ryko, for their effort and dedication throughout this process.”
Russ Wilson, Trivest Principal, added “Similar to Ryko’s previously completed add-on acquisitions, Hill & Foss and Commercial Washing Systems, Tarheel is a long-standing Ryko distributor with deep knowledge of Ryko equipment and service standards. Ryko will continue to invest in its infrastructure and personnel to reaffirm the Company’s position as the in-bay carwash service and equipment 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 to an installed base of more than 7,000 machines 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. Since its founding in 1981, Trivest has completed more than 180 transactions, totaling in excess of $4.7 billion in value. For additional information, please visit www.trivest.com.
