Press Release
Rihm Family Companies, Inc. Announces Major Acquisition and Two New Facilities to Kick Off 85th Year in Business
Multi-generation, family-owned truck dealer gears up for significant growth in 2017
Saint Paul, Minn. - Rihm Family Companies, Inc. (RFC) - owner of one of the oldest Kenworth truck dealers in the world - kicked off its 85th anniversary by acquiring LTX, Inc., which owns Lawrence Leasing Inc., the operator of Lawrence NationaLease - a commercial truck leasing company with 15 locations in Minnesota, Wisconsin, and South Dakota.
In addition, RFC announced plans to build new facilities in South St. Paul and Coon Rapids, Minnesota, where the family-owned business will sell and service The World's Best® Kenworth trucks.
"Since 1932, the Rihm family has provided great jobs and exceptional customer service in Minnesota and western Wisconsin," said Kari Rihm, president and CEO of RFC. "We're pleased to begin our 85th year in business by welcoming Lawrence NationaLease's high-caliber employees and management; providing better security for all of our employees; and improving service and offerings for our loyal customers. Our company's future is very bright."
As a result of the acquisition, RFC's workforce will total more than 300 employees and operate at 21 locations in Minnesota, Wisconsin, and South Dakota. As part of the deal, RFC also acquires more than 1,000 full-service lease and rental units and an additional 600 units under contract maintenance agreements.
"Like Rihm, Lawrence NationaLease has been family-owned and operated for multiple generations, and is a leader with a trusted legacy in the truck leasing and rental market," said Steve Lawrence, former CEO of Lawrence NationaLease. "Our employees and assets are in extremely capable hands under the leadership of Kari Rihm and her family. This acquisition is a win-win for both of our companies."
About the Lawrence NationaLease acquisition
Lawrence NationaLease is a 15-location truck leasing company headquartered in Red Wing, Minnesota. Its 110 employees and management team will all remain employed under RFC's ownership. Steve Lawrence will serve RFC as a consultant. Other Minnesota locations include Owatonna, Rochester (two locations), Sauk Centre, Winona, Northfield, and Cloquet; Wisconsin locations include Barron, Durand, Eau Claire/Chippewa Falls, LaCrosse, and Madison; and South Dakota locations include Volga/Brookings and Sioux Falls. For more information, visit lawrencenl.com.
About RFC's new facilities
A new location in South St. Paul at Concord Boulevard and Armour Street totaling 68,000-square-feet will serve as RFC’s new headquarters and offer sales, parts and service. A new location in Coon Rapids near Highways 610 and 47 totaling 75,000-square-feet will serve as a body shop, in addition to offering sales, parts and service.
Construction of both facilities will run on concurrent schedules, with groundbreakings planned for spring 2017 and grand openings in late Q4 of 2017. RFC is currently in the process of selling its Saint Paul facility. There will be no changes to the company's other facilities in Minnesota (Albert Lea, Sauk Centre, Lake Elmo, and Bemidji) or its Superior, Wisconsin, facility.
About Rihm Family Companies, Inc.
Rihm Family Companies, Inc. (RFC) is the parent company of Rihm Motor Company (dba Rihm Kenworth), which was established in 1932. It has been a dealer for Kenworth since 1949, and is one of the oldest Kenworth truck dealers in the world. A multi-generation, family-owned business, Rihm is celebrating 85 years in business. The company will employ more than 300 people and operate at 22 total locations by the end of 2017. RFC's subsidiary RMC Truck Parts, LLC was formed in 2016. It ships truck parts globally and delivers them locally in Minnesota and western Wisconsin. President and CEO Kari Rihm is the proud recipient of the Influential Woman in Trucking Award and the Minnesota Family Business Award. For more information, visit rihmkenworth.com.