HS Solutions Corporation, a new company formed by Littlejohn & Co. and Caymus Equity Partners, has acquired the assets, under Section 363 of the US Bankruptcy Code, of Hospitality Staffing Solutions. In October 2013, the company voluntarily filed for Chapter 11 bankruptcy as part of a strategy to facilitate this asset sale. The management team of Hospitality Staffing invested alongside Littlejohn and Caymus.
Hospitality Staffing Solutions (HSS) is a provider of hospitality staffing services. HSS provides room attendants, laundry, grounds maintenance, food & beverage, janitorial, and stewarding workers to hotels, resorts and casinos located in 32 states and 71 markets across the country. The company was founded in 1990 and is based in Atlanta (www.hssstaffing.com).
“Today is an exciting new day for our company and marks the final step in the plan we laid out last October. With the significant financial resources and backing of our new investor group, we are even better positioned to grow and continue to deliver the highest quality service to our valued customers across the country,” said Rick Holliday, President and CEO of HSS.
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm is currently investing from Littlejohn Fund IV which has over $1.3 billion in capital commitments. Littlejohn & Co. is based in Greenwich, CT (www.littlejohnllc.com).
Caymus Equity Partners invests from $3 million to $25 million in middle and lower-middle market companies that have revenues of $10 million to $100 million and at least $2 million in EBITDA. Sectors of interest include business services, healthcare, consumer, and media & communications. The firm is based in Atlanta (www.caymuspartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-28-14
