RTI Sold to European Investment Fund
Restaurant Technologies, Inc. (RTI), an Eagan-based cooking oil management company, on Wednesday announced that it has been sold to a European private equity firm.
Guernsey-based EQT Infrastructure signed a definitive agreement to buy RTI-for an undisclosed amount-from U.S.-based investment firms Parthenon Capital Partners and ABS Capital Partners and from minority shareholders. The transaction is subject to regulatory approval and is expected to close in the second quarter of this year.
RTI is a developer, distributor, and service provider of an automated system that stores, handles, and disposes of frying oil. The company says it serves 17,000 food service customers in 75 percent of the major metropolitan markets across the United States.
Geoff Roberts, an industrial advisor to EQT, will assume the position of chairman of the board of RTI.
“Our company has significantly grown and evolved over the past decade as a result of our strong partnership with Parthenon and ABS,” Jeffrey Kiesel, CEO of RTI, said in a statement. “We look forward to working with our new partners at EQT, continuing to focus on exceptional service for our customers, adding new services to our offerings, and pursuing strategic geographic expansion into new markets.”