River Associates Acquires Quikserv
Chattanooga, TN, March 23, 2018
River Associates Investments, LP (“River Associates” or “River”) a longstanding lower-middle market private equity firm based in Chattanooga, TN, announced that it has partnered with management to acquire the assets of Quikserv Corp. (“Quikserv”).
Quikserv is a leading manufacturer of transaction window and drawer systems, including drive-thru / pass-thru window and drawer systems, ticket windows, security windows and drawers, and commercial transaction window and drawer systems. The Company’s installed base of more than 85,000 units encompasses a broad range of customers including restaurants, pharmacies, convenience stores / gas stations, stadiums, municipal and government buildings, schools, healthcare facilities, banks, and other commercial buildings.
“We met with a lot of different groups and from the start, River’s interest level, style and approach resonated with me and the team.” said Jason Epps, CEO of Quikserv. “They understood our vision for Quikserv and I feel confident they will continue to preserve the values and culture we’ve spent decades building. River has helped many businesses with similar business models execute an organic and acquisition strategy. Their track record speaks for itself and we are excited to partner together as we take the business through its next phase of growth.”
“Quikserv is an excellent company and clear leader in its product category. It’s exactly the type of business we’ve had success in growing over the years,” said Stuart Vyule, Vice President at River Associates. “They have an extremely loyal and dedicated management team and we are excited for the next chapter of growth (both organic and acquisitive) as we pursue higher security and commercial end market applications.”
River funded the transaction with equity from its seventh investment fund (River VII, L.P.). Financing was provided by TCF Capital. River Associates was advised by Waller Lansden Dortch & Davis, LLP. Quikserv was advised by Nance & Simpson, LLP and Brown Gibbons Lang & Company.
Quikserv would seek to acquire businesses greater than $5 million in revenue that manufacture or supply similar or complementary products to the end markets referenced above. The company is particularly interested in expanding further into commercial and bullet resistant/security market applications. Please contact Mark Jones for additional information.