vending services

Continental Buys Satellite Vending

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Continental Services, a portfolio company of New Heritage Capital, has acquired Satellite Vending Company, a subsidiary of VendTek Wholesale Equipment. This is the first add-on acquisition completed by Continental since being acquired by New Heritage in February 2017.

Satellite Vending is a provider of vending, micro-market and office coffee services to more than a hundred businesses, universities and institutions throughout Southeast Michigan. The company’s state-of-the-art vending machines are all connected via cellular technology which provides the company with a 24 hour live view of the machines from a desk top computer, allowing Satellite to respond quickly to vending replenishment and service needs. Satellite Vending was founded in 1961 and is based 33 miles northwest of Detroit in Wixom, MI. Click HERE for the Satellite Vending webpage.

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 by Jim Bardy in 1989 and is headquartered in Detroit (www.ContinentalServes.com).

“The acquisition of Satellite represents the first of many potential add-on acquisitions for Continental,” said Melissa Barry, a Partner of Heritage. “We look forward to continuing to support the company as they work towards further growth and geographic expansion.”

“Satellite Vending is a perfect complement to Continental’s refreshment services operations,” said Steve LaPorte, President of Continental’s Refreshment Services Division. “Joining forces with Satellite also enhances our ability to reach more customers with our diverse on-the-go refreshment service options.”

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).

© 2017 Private Equity Professional | September 15, 2017

Silver Oak Sells Accent to Audax

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Silver Oak Services Partners has completed the sale of its equity interest in Accent Food Services to Audax Private Equity.

Accent is a route-based distributor of fresh food, snacks and break room refreshment services to customers throughout Texas. Products include coffee and tea; filtered water and ice; fresh foods, snacks, sodas, juices and meals; sandwiches, wraps, and salads; and an array of sodas, juices and waters. The company’s products are sold through both vending machine and self-checkout formats. Accent was founded by Tom and Rhonda Hawkins in 1994 and is headquartered in Austin (www.accentfoods.com).

Silver Oak first invested in Accent in December 2008.  During the term of Silver Oak’s ownership, Accent completed 16 acquisitions, built a best-in-class management team, invested in technology to improve operating efficiencies, expanded into three new geographies, and launched a new micro-market service line. Micro-markets are self-serve and give employees 24/7 access to fresh food and healthy beverages, along with traditional snacks. This line of business is seen by many as the future of retail convenience/vending services.

“We are extremely proud of our partnership with the Accent management team,” said Greg Barr, Managing Partner at Silver Oak.  “They have fundamentally transformed the business over the last eight years while driving significant top and bottom-line growth.  Accent is well positioned for the future and we wish them well as they continue to expand their geographic footprint.”

Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $3 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services.  Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).

“Silver Oak has been an excellent partner,” said Josh Rosenberg, CEO of Accent. “With their active support and guidance, we experienced significant growth while enhancing the value we bring to our customers. We look forward to working with Audax in an effort to continue building upon this success.”

“Accent is a leader in the micro market, vending, and refreshment services industry. We look forward to working with Josh Rosenberg and the Accent team to continue building a leading platform through organic growth and add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

Accent and Silver Oak were advised by Lincoln International and Locke Lord. Ropes & Gray provided legal services to Audax.

© 2016 Private Equity Professional | December 7, 2016