Transaction frees funds for aggressive growth strategy.
Ryko Solutions Inc., a full-spectrum supplier of car wash equipment, cleaning products and services support in North America has completed a sale leaseback of its 250,000 square foot manufacturing facility in Grimes, Iowa.
The move was a both a strategic part of the company’s recapitalization plan and a restatement of its commitment to continue Iowa-based operations. Details of the 20-year lease transaction were not disclosed.
“Ryko is experiencing a record-setting year in sales across all of our lines of business. We executed this deal to free funds for a variety of growth initiatives. Ryko is aggressively investing in its national service organization, improving its manufacturing capacity, and delivering a return on invested capital to our owners,” explained Steven L’Heureux, CEO of Ryko Solutions Inc.
Ryko Solutions Inc.’s integrated, end-to-end clean vehicle solution is designed to deliver maximum profitability in car wash operations for gas/convenience stores, private investors, land developers and auto dealers. The company was founded in 1973 and employs approximately 400 people throughout North America.