SerVend International
 | |
| Industry | Commercial Appliances |
|---|---|
| Fate | Bought by The Manitowoc Company |
| Founded | 1980 |
| Founders |
Greg Fischer Mark Fischer George Fischer |
| Defunct | October 1, 1999 |
| Headquarters | Louisville, Kentucky, United States |
Key people | Greg Fischer |
| Products |
SerVend Beverage Maker SerVend Ice Maker |
| Owners |
George Fischer (1980-82) Greg Fischer (1982-97) |
Number of employees | 300 (1997) |
SerVend International, founded by Greg Fischer, George Fischer, and Mark Fischer in 1980, was a manufacturer of ice and beverage systems equipment for the foodservice industry, until it was bought by the Manitowoc Company in 1997.[1]
History
SerVend International was founded in 1980 by Greg Fischer, his brother Mark, and father George, in a garage. At first, it took nearly a day to assemble one machine.[2] Over the course of the 1980s, SerVend grew rapidly, eventually employing over 300 people, and shipping products all over the world.
Products
SerVend International is most commonly known for creating the SerVend Beverage Dispenser, which is used in thousands of restaurants and convenience stores to this day.[2] SerVend held over a dozen patents for various commercial products, all centered around beverage dispensing.
Acquisition by The Manitowoc Company
On October 2, 1997, The Manitowoc Company announced that it had agreed to buy Servend International for $65 million to $75 million in cash to complement its food-service business. The previous year, SerVend generated approximately $50million in revenue.[3] The sale was completed in 1999. As part of the agreement, co-founder Greg Fischer left the company, and was paid an undisclosed amount of money.
Awards and Recognition
In 1990, Fischer, along with his father and brother, Mark, was named a winner of an award sponsored by Inc. magazine, Ernst & Young, Merrill Lynch and Business First. As Kentucky and Southern Indiana's Regional Entrepreneurs of the Year in the manufacturing division for their work with SerVend, they were among the finalists for Inc. magazine's U.S. Entrepreneur of the Year award.[4]
In October 1998, SerVend was one of three U.S. small business companies to be honored with a site visit by the Malcolm Baldrige National Quality Award examiners. In November 1998, Flomatic International, SerVend's valve manufacturing division, received the Oregon Quality Award. The Rochester Institute of Technology and USA Today recognized SerVend's achievements by awarding it the Quality Cup Award in the small business category in 1999.[5]
References
- ↑ "Mantowic Beverage Systems". September 28, 2011. Archived from the original (webpage) on September 28, 2011. Retrieved August 2, 2017.
- 1 2 Shiba, Shoji; Walden, David. "Four Practical Revolutions in Management." p. 688. Center for Quality Management. 2001.
- ↑ "Manitowoc to acquire maker of Beverage dispensers". Bloomberg News. The New York Times. October 2, 1997. Retrieved August 2, 2017.
- ↑ A Business First Supplement. Week of July 9, 1990. "1990 Entrepreneur of the Year Awards." Business First of Louisville.
- ↑ "Management". Iceberg Ventures. Retrieved February 25, 2010.