Salt Creek Capital has acquired Corporate Caterers, a franchisor of corporate catering services throughout the United States.
Corporate Caterers has 20 operating franchises and two company owned businesses. The company was founded in 1997 and operates its branded services and systems through franchise partners in Texas, Georgia, Ohio, Pennsylvania, Florida, Tennessee, North Carolina, Arizona, Colorado, Wisconsin, Kansas and Kentucky. Corporate Caterers is headquartered in Miami (www.corpcaterers.com).
The founders of Corporate Caterers, Dennis McGinley and Jim Gass, will maintain an ownership position in the company and will work with incoming CEO Greg Halton to manage the company owned locations and to support the franchise network.
“Jim and Dennis built an exceptional business, and we are delighted they chose to work with us during the company’s next phase of growth,” said Dan Mytels, Managing Director of Salt Creek Capital. “The company’s strong foundation and proven model combined with Greg’s demonstrated leadership are a compelling fit, and we look forward to supporting the company’s expansion in the coming years.”
Mr. Halton joined Salt Creek Capital as an Executive Partner in 2016. From 2004 to 2015, he was the President and CEO of Event Rental Group, a provider of party related equipment, furniture and supplies. Event Rental Group was acquired by its main competitor Chair-man Mills, a portfolio company of Toronto-based Granite Partners, in August 2015. Prior to Event Rental Group, Mr. Halton was the VP and General Manager of National Carpet Mills of Canada, a vertically integrated plastics and textile manufacturing company, from 1998 to 2004.
“Corporate Caterers offers great food and outstanding service, and I look forward to working with the team towards continued success,” said Mr. Halton. “The company’s franchise model has demonstrated solid growth, and we are eager to open new locations and expand our footprint across the US.”
Salt Creek invests in executive-led buyouts of companies with up to $100 million in revenue and EBITDA from $750,000 to $5 million. Sectors of interest are varied making the firm nearly industry agnostic but areas of specific interest include manufacturing, business and consumer services, distribution, and franchisors. The firm is based in Menlo Park (www.saltcreekcap.com).
© 2017 Private Equity Professional | September 26, 2017