DRB Systems buys
DRB Systems, an Akron-based car wash technology company, is acquiring Suds Creative of Meridian, Idaho.
The company released a video Monday using the "Brady Bunch" theme to announce the acquisition. The terms of the agreement were not disclosed in a news release.
“Our mission is to help car wash operators drive growth as a trusted partner,” DRB CEO Dan Pittman said in a prepared statement. “Traditionally, we’ve done that with enterprise technology solutions, industry know-how and best-in-class support. With Suds, we can take that to the next level by providing strategic marketing solutions, that truly drive customers to the car wash. We know marketing is a success quotient to a thriving car wash and lube center, which is exactly why we are partnering with Suds.”
DRB and Suds are celebrating the new partnership this week at The Car Wash Show in Nashville.
ends German listing
The loose ends from the 2016 merger that created Diebold Nixdorf have been tied up.
On Monday, the company announced it had completed the merger squeeze-out of its German public subsidiary that formed when Diebold and Wincor Nixdorf merged.
The move eliminated Diebold Nixdorf AG as a separate corporate entity and ended its listing on the Frankfurt Stock Exchange. The subsidiary formed when some Wincor Nixdorf shareholders declined to tender stock in 2016.
Under German law, Diebold Nixdorf purchased all of the remaining shares in the subsidiary. The company used about $85 million in money set aside after it refinanced last summer.
The German subsidiary caused a financial burden for Diebold Nixdorf last summer. Shareholders of the German subsidiary began redeeming their shares after the parent company reported its year-end loss would top $325 million, more than twice the amount predicted earlier in the year.
The demand to redeem shares forced Diebold Nixdorf to refinance. The company borrowed the $650 million from GSO Capital Partners and Centerbridge Partners, then used $250 million to reduce existing term loans and revolving credit.
Amazon offers incentive
for delivery startups
Amazon, which is racing to deliver packages faster, is turning to its own employees with a proposition: Quit your job and we'll help you start a business delivering Amazon packages.
The offer, announced Monday, comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. The company sees the new incentive as a way to get more packages delivered to shoppers' doorsteps more quickly.
Amazon says it will cover up to $10,000 in startup costs for employees who are accepted into the program and leave their jobs.