CCMP Growth Advisors has acquired Combined Caterers, a provider of event management and catering services, from Falfurrias Capital Partners.
Falfurrias Capital Partners launched Combined Caterers in October 2018 with the acquisition of Best Impressions Caterers, a Charlotte-based catering company serving corporate, philanthropic, and social clients. At the same time, the company completed its first add-on acquisition by purchasing Duvall Catering & Events, a South Carolina-based firm. In June 2020, Combined Caterers expanded further by launching Table & Twine, an e-commerce premium meal delivery service available in the Charlotte and Charleston markets. The company’s most recent addition came in August 2023 with the acquisition of Rocky Top Catering, based in North Carolina.
Today, Charlotte-headquartered Combined Caterers specializes in full-service catering and event management for upscale weddings, corporate events, and social gatherings throughout the Southeast. The company operates centralized commissary kitchens in its service areas of Charlotte, Raleigh, and Charleston. Combined Caterers is led by CEO Justin King and CFO/COO Melissa Sutherland, both of whom will continue to lead the business and maintain an equity interest alongside CCMP.
“Melissa and I are incredibly proud of all that Combined Caterers has achieved over the years, which would not have been possible without the dedication of our talented team,” said Mr. King. “As we enter our next phase, we are excited to partner with CCMP Growth to build on our track record of providing exceptional hospitality and unforgettable experiences.”
The U.S. catering and event management market is poised for significant growth, with analysts projecting a compound annual growth rate of 5.1% from 2024 to 2029. The Southeast region, in particular, has seen heightened demand for upscale event services as consumer spending on live events rebounds post-pandemic.
“Combined Caterers is a perfect example of the type of business we seek to partner with at CCMP Growth, and we see significant potential for expansion and accelerated growth,” said Joe Scharfenberger, co-managing partner at CCMP Growth. “The company is a leader in the expansive Southeast event catering market, is well-positioned to benefit from consumers increasingly investing in live events and experiences and aligns well with our extensive experience scaling multi-site consumer businesses and consolidating highly fragmented markets.”
CCMP Growth invests $50 million to $200 million in companies with EBITDA ranging from $15 million to $75 million. The firm focuses on sectors such as consumer technology, tech-enabled services, consumer-focused health and wellness, and value-oriented consumer products. In July 2024, CCMP Growth closed its latest fund, CCMP Capital Investors IV LP, with over $500 million in commitments.
“We’ve been impressed with the stellar reputation and growth Combined Caterers has achieved under the leadership of Justin, Melissa, and the highly accomplished management team,” said Patrick McGrath, a managing director at CCMP Growth. “We are excited to partner with Combined Caterers to accelerate the company’s growth during this next chapter and support them in building the leading independent event management platform in the Southeast.”
Charlotte-headquartered Falfurrias Capital Partners was founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, Marc Oken, former CFO of Bank of America, and Managing Partner Ed McMahan. In December 2023, Falfurrias closed its first dedicated growth buyout fund, Falfurrias Growth Partners I LP, with $400 million in capital commitments.
“Over the past six years, we have been privileged to help shepherd the tremendous growth and industry-leading performance of Combined Caterers, both of which made the company such an attractive prospect for CCMP Growth,” said Marc Oken, co-founder and chairman of Falfurrias. “This transition represents a significant milestone in Combined Caterers’ journey, and we are confident that CCMP Growth is the right partner to help them succeed in their next stage.”
Advisors for the transaction included Ropes & Gray as legal counsel, Stifel as exclusive financial advisor, and Piper Sandler Companies as debt advisor to CCMP Growth. William Blair & Company and McGuireWoods served as advisors to Combined Caterers.
© 2024 Private Equity Professional | December 10, 2024
