GRIMES, IA ― Ryko Solutions, Inc. has entered into a purchase agreement to acquire MacNeil Wash Systems, Ltd. of Barrie, Ontario, Canada, a press release reported.
The March 11 press release said MacNeil will operate as a subsidiary of Ryko and the name and staff "expertise" will not change.
Ryko CEO Steven L'Heureux stated in the press release, “This is an important event in our industry. While there have been previously announced consolidations among industry suppliers, this is the first that involves two independently strong industry players who are enjoying healthy growth. MacNeil has a well established reputation within the industry for delivering the best performing and most highly engineered conveyor systems and innovative profit enhancing accessories. By leveraging Ryko’s larger R&D and marketing organizations, we see a tremendous opportunity to dramatically expand MacNeil’s market share.”
Vince MacNeil, CEO of MacNeil Wash Systems, stated that the alignment allows for them to continue their vision of delivering well-engineer solutions. “What is important to me in this relationship are the many synergies and commonalities in how we approach the car wash business. These will be advantageous to our distributors and customers, including a dedicated engineering team and significant investments in R&D, a joint desire to build on our heritage – a legacy of accelerated innovation – and a single shared culture centered around building one team focused on customer success.”
Ryko reports one of its best annual performances
L'Heureux was interviewed for the upcoming April issue of Professional Carwashing & Detailing, in a new series entitled, "Talking with Industry Leaders."
It was reported in January that Ryko Solutions Inc. had achieved one of its best annual performances in 40 years of business, according to a press release.
The Jan. 17 release stated that, in 2012, the business’ total corporate revenue approached $90 million with a 22 percent year-over-year increase.
The end-of-year results showed a 38 percent increase in equipment sales and an EBITDA increase of 53 percent. Ryko experienced double-digit growth in all three segments of its business.
