Indianapolis-based Techniks Industries has acquired Elkhart-based Riverside Tool Corp. Techniks says the deal will expand the company’s service coverage and offerings.
Techniks Chief Executive Officer Greg Webb says the acquisition helps fulfill the company’s strategic goals of extending its sales and service networks, add new products and improve operational efficiencies. He says Riverside Founder Ronald Migedt will join the company’s leadership team as a result of the deal.
"After almost 26 years in business, Riverside’s team and I are excited to partner with Techniks Industries," said Migedt. "Our support of a dealer network aligns well with Techniks Industries’ history of commitment to distributors. We look forward to working alongside the Techniks Industries’ team whose industry reach and dedication to strong customer and supplier relationships provide an ideal platform to support Riverside’s continued growth.”
Techniks did not say whether the deal would affect jobs in Elkhart or Indianapolis.