Charterhouse Acquires TrustHouse Services
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Charterhouse Acquires TrustHouse Services

Elior, a contract food services company and a portfolio company of Charterhouse Capital Partners, has acquired TrustHouse Services, a contract food services company and a portfolio company of Gryphon Investors. This transaction closed in March 2013.

TrustHouse Services Group is a food service provider focused on the healthcare, education and corrections sectors. Divisions of TrustHouse include Aladdin Food Management (Wheeling, WV); AmeriServe Food Management (Columbia, MO); Fitz Vogt & Associates (Walpole, NH); A’viands (Minneapolis, MN); Lindley Food Services (New Haven, CT); and Valley Services (Jackson, MS). TrustHouse manages over 675 client accounts across 45 states. The company is headquartered in Charlotte, NC (www.trusthouseservices.com).

Elior provides contract catering and related services worldwide. It offers catering and services within the education, business and industry, and healthcare and seniors sectors, as well as in leisure, culture and travel sectors. The company also provides support services, including cleaning services and facilities management services. In addition, it operates concessions in the national museums sector, railway stations, and the leisure market. Elior’s concessions business comprises food services, retail facilities, and a range of related services provided on a daily basis at motorway service areas, airports, sports stadia, railway stations, and national museums. The company was founded in 1991 and is headquartered in Paris, France (www.elior.com).

Charterhouse Capital Partners invests up to €1 billion per transaction in the industrial and commercial sectors with a particular interest in service companies. Target companies are typically headquartered in Western Europe and have equity values between €400 million and €4 billion. The firm is based in London (www.charterhouse.co.uk).

CIT Group has arranged a $220 million senior secured credit facility to support the acquisition. CIT Corporate Finance served as Sole Lead Arranger and Administrative Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.

“We are pleased to continue our growth strategy for Elior as it partners with TrustHouse to create a world-class food services business. We selected CIT to lead the financing of this transaction because of their relationship with TrustHouse Services and their expertise in underwriting and syndicating senior loans in the U.S. market,” said Jamie Arnell, Partner of Charterhouse.

CIT is a bank holding company with more than $33 billion in assets. Sectors of interest include small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT was founded in 1908 and is based in New York (www.cit.com).

“This transaction demonstrates the commitment CIT has to providing comprehensive financial solutions to private equity firms as they complete acquisitions,” said Eric Toizer, Managing Director of CIT Sponsor Finance.

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-24-13

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