Brothers Nicholas and Michael Rivecca have completed the purchase from Brian Ganos of the entire ownership interest in Riv/Crete Ready Mix, according to a Wednesday announcement.
“This is an exciting time and a major achievement for our company, employees and family,” Nicholas said. “My brother Michael and I have worked very hard to achieve this goal and put our company into a position for a very exciting future.”
Riv/Crete was launched four years ago when Ganos and his company, Sonag Inc., ran into legal issues for fraudulently obtaining $260 million in government contracts set aside for minority-owned businesses. He reached a plea agreement in the case and was sentenced to 6.5 years in prison
. Nicholas Rivecca Sr., the father of the two brothers, also reached a plea agreement in the case but is yet to be sentenced. Several other individuals have also been charged in the case.
The brothers broke off from Ganos to start Riv/Crete after the legal issues surfaced, but shared ownership in facilities and trucks with Ganos. The deal gives the two brothers full ownership of Riv/Crete and all the company’s assets.
“This marks a new beginning for Riv/Crete,” said Michael Rivecca. “With full ownership in the business, we are launching a new chapter in our company’s history.”
Riv/Crete operates three concrete batch plants, a 60-truck fleet and 70 employees, which it says makes it the largest family and locally-owned ready mix concrete company based in Milwaukee.
The company’s plans are located near South Chase and Oklahoma avenues, South 13th
Street and West Layton Avenue and near North 124th
Street and West Hampton Avenue.