A historic Chicago-based armored car company has been sold to an investment firm, in a deal that will expand the company’s reach.
Thillens was acquired by New York-based Edessa Growth Partners, according to an announcement Tuesday by Peakstone, an investment bank representing Thillens in the deal. The company declined to disclose terms of the transaction.
Edessa founder Resit Melik will become Thillens’ CEO.
“This marks the culmination of a journey that started nearly two years ago, driven by a childhood dream to build and lead a business,” Melik said in a news release. “After screening thousands of opportunities and evaluating hundreds, I couldn’t be prouder to acquire a company with the legacy, reputation, and grit of Thillens.”
Edessa plans to expand Thillens’ Wisconsin presence with two new locations, including one opening this year. The armored car operator currently has seven branches across Illinois and Wisconsin.
In 1932, Mel G. Thillens Sr. operated a currency exchange that became the first armored car check cashing service, according to the company’s website. Since then, the company has become the Midwest’s largest independent armor service, managing cash logistics and catering to the financial, gaming and retail industries.
Chicagoans may also recognize associate the name with the city’s Little League.
Thillens founded Thillens Stadium in the 1930s, where Little League would later start in Chicago. The West Ridge baseball stadium saw its fair share of professional players from Michael Jordan to former Cubs Hall of Famer Billy Williams.
The field is now owned by the Chicago Park District and was renamed to the Stadium at Devon and Kedzie in 2013. The family had requested that its name be removed from the stadium after they said the park district failed to maintain the site, the Sun-Times previously reported.
In 2019, the Thillens family sold their namesake company to Illinois Gaming Systems, a video game terminal operator that used Thillens’ services, said Steve Royko, Peakstone’s managing director.
While Illinois Gaming Systems was acquired by J&J Gaming in 2021, Thillens was excluded from the sale. Independent shareholders from Illinois Gaming continued to run Thillens, but the owners soon had no use for the company’s services — giving Edessa an opportunity to take over, Royko said.
“There was no real strategic reason for them to own this business anymore,” he said.
Edessa was a great fit because of “how the business is set up,” Royko said. Edessa is a search fund — a firm that supports one individual, typically a young owner with “a good track record to come in and run the business,” he said.
Royko said the “people are a big part of what’s being acquired here.”
Melik said in a news release, “Thillens is a known and trusted brand that has reinvented itself multiple times, delivering mission-critical cash logistics and exceptional customer service. This is not just a transaction. It’s a long-term commitment … to building something enduring.”