Continental Services, a portfolio company of New Heritage Capital since February 2017, has acquired Sterling Services.
Sterling Services is a provider of corporate dining management, office coffee service, catering, foodservice consulting and point-of-sale micro markets. The company was founded in 1986 by Chris Peppo and Ray Friedrich and is based near Detroit in Canton, MI (www.sterling-services.com) (www.freshatwork.com).
As part of the transaction, the entire Sterling Services 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 1,000 small and medium-sized businesses, blue-chip corporations, colleges, universities, business, and industrial sites, and hospitals and medical centers. Continental, one of the largest franchisees of food service provider Compass Group, was founded in 1989 and is headquartered north of Detroit in Troy, MI (www.ContinentalServes.com).
“With its track record of innovation, consistent core values, an outstanding market reputation, and robust sales and service teams, Sterling Services is a great fit,” said Steve LaPorte, president of Continental’s refreshment services group.
This is the fifth add-on acquisition made by Continental in the past 18 months. The four earlier add-ons were United Vending & Market Services (Ferndale, MI) in November 2018; 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 from $15 million to $40 million of minority or majority equity in companies with $4 million to $20 million of EBITDA. Sectors of interest include business services, healthcare and manufacturing. The firm was founded in 2006 and is headquartered in Boston (www.newheritagecapital.com).
© 2019 Private Equity Professional | March 18, 2019
