Continental Services, a portfolio company of New Heritage Capital, has acquired Satellite Vending Company, a subsidiary of VendTek Wholesale Equipment. This is the first add-on acquisition completed by Continental since being acquired by New Heritage in February 2017.
Satellite Vending is a provider of vending, micro-market and office coffee services to more than a hundred businesses, universities and institutions throughout Southeast Michigan. The company’s state-of-the-art vending machines are all connected via cellular technology which provides the company with a 24 hour live view of the machines from a desk top computer, allowing Satellite to respond quickly to vending replenishment and service needs. Satellite Vending was founded in 1961 and is based 33 miles northwest of Detroit in Wixom, MI. Click HERE for the Satellite Vending webpage.
Continental provides its customers with a range of services, including corporate cafés, grab-and-go markets, vending, office coffee, and special event catering. The company serves more than 700 small and medium-sized businesses, blue-chip corporations, colleges, universities, business and industrial sites, and hospitals and medical centers. Continental was founded by Jim Bardy in 1989 and is headquartered in Detroit (www.ContinentalServes.com).
“The acquisition of Satellite represents the first of many potential add-on acquisitions for Continental,” said Melissa Barry, a Partner of Heritage. “We look forward to continuing to support the company as they work towards further growth and geographic expansion.”
“Satellite Vending is a perfect complement to Continental’s refreshment services operations,” said Steve LaPorte, President of Continental’s Refreshment Services Division. “Joining forces with Satellite also enhances our ability to reach more customers with our diverse on-the-go refreshment service options.”
New Heritage invests minority or majority equity in companies with minimum revenues of $30 million and at least $5 million of EBITDA. Sectors of interest include aerospace, business services, consumer products, distribution, education and training, food and beverage, healthcare and healthcare services, industrial and infrastructure, manufacturing, pet products and services, specialty chemical, and test and measurement. Heritage was founded in 2006 and is headquartered in Boston (www.newheritagecapital.com).
© 2017 Private Equity Professional | September 15, 2017
