Gridiron Capital has acquired The Service Companies, a provider of outsourced services to the hospitality industry.
The Service Companies (TSC) is comprised of Heart of House Services, Acrobat Outsourcing, and JRS International and provides a range of services including housekeeping and stewarding, public and casino area cleaning, kitchen cleaning, window and chandelier cleaning, pressure washing, and food and beverage staffing.
TSC’s customers include over 750 hotels, casinos, resorts, arenas, stadiums, corporate cafeterias, schools, universities, and hospitals across 33 states, Puerto Rico and the Bahamas. TSC is led by CEO Steve Wilson and is headquartered in Miami Lakes, FL (www.theservicecompanies.com).
TSC was founded in Miami in May 1987 and acquired in 2008 by aPriori Capital Partners (then DLJ Merchant Banking Partners) and Vision Capital Partners.
“We are thrilled to partner with Steve and his leadership team to help continue the growth trajectory and quality focus of the company,” said Tom Burger, Managing Partner of Gridiron Capital.
“The Service Companies has developed into a premier service provider to hospitality assets nationwide,” said Scott Harrison, Managing Director & Chief Operating Officer at Gridiron Capital. “We believe there is significant opportunities for growth, organically, through acquisitions and by offering additional lines of service.”
Gridiron Capital invests in manufacturing, service and specialty consumer companies that have EBITDAs from $8 million to $50 million. Sectors of interest include branded consumer, B2B and B2C services, and niche industrial. In October 2016, Gridiron held a final closing of the firm’s third fund, Gridiron Capital Fund III LP, at the hard cap of $850 million.
“This is an exciting time for our company, with the team at Gridiron Capital recognizing the same opportunity we do across all aspects of the hospitality industry,” said Mr. Wilson. “Partnering with Gridiron now provides The Service Companies with the strategic resources and financial capital to expand our existing business and pursue new opportunities, capitalizing on the ongoing migration to outsourced services in the hospitality industry.”
Gridiron Capital is based in New Canaan, CT (www.gridironcapital.com).
© 2018 Private Equity Professional | July 17, 2018