Continental Services, a portfolio company of New Heritage Capital, has acquired United Vending & Market Service. Continental was acquired by New Heritage in February 2017.
United Vending & Market Services is a provider of vending, micro-market and office coffee services to customers in the metropolitan Detroit area.
The company is headquartered near Detroit in Ferndale, MI (www.uvmsi.com). As part of the transaction, the entire United Vending management team and staff will join the Continental team.
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 in 1989 and is headquartered north of Detroit in Troy, MI (www.ContinentalServes.com).
The buy of United Vending is the fourth add-on acquisition completed by Continental in the past year, and its largest acquisition to date. “United Vending brings Continental a wonderful cross-section of accounts and a large and loyal client base,” said Steve LaPorte, President of Continental’s refreshment services group. “We are delighted to have its well-seasoned, customer-focused staff join our refreshment services operations. The success of these deals has substantiated and helped the company work toward its goal of expanding its market presence in Southeast Michigan.”
The three earlier add-on acquisitions completed by Continental were Metro Vending Service (Roseville, MI) in April 2018; 24 Hr. Vending (Brighton, MI) in January 2018; and Satellite Vending Company (Wixom, MI) in September 2017.
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).
© 2018 Private Equity Professional | November 9, 2018
