Heritage Announces Acquisition of Satellite Vending
First Add-on Acquisition for Continental Services Bolsters Local Detroit Presence
BOSTON–(BUSINESS WIRE)–New Heritage Capital (“Heritage”) is pleased to announce that its portfolio company Continental Services (“Continental”) has acquired Satellite Vending Company (“Satellite”), a provider of vending, micro-market and office coffee services in the Detroit market. Satellite represents the first add-on acquisition for Continental, further strengthening its position as Michigan’s largest food services company.
Continental provides a wide range of custom dining, refreshment, and event services for more than 700 small and medium-sized businesses, blue-chip corporations, colleges, universities, business and industrial sites, and hospitals and medical centers. The Company’s custom-tailored services range from on-site corporate cafés, grab-and-go markets and traditional vending, to off-premise catering and event services. Continental’s team is passionate about creating engaging experiences with fresh, handcrafted food, helping the company earn a spot on Food Management magazine’s FM 50 2017 ranking of the top 50 largest noncommercial contract dining management companies in the U.S.
“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.”
Melissa Barry, Partner of Heritage, added, “The acquisition of Satellite represents the first of many potential add-on acquisitions for Continental. We look forward to continuing to support the Company as they work towards further growth and geographic expansion.”
About New Heritage Capital
Heritage is a Boston-based private equity firm with a 20-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.
About Continental Services
Founded in 1989 and headquartered in Detroit, MI, Continental is a leading diversified food-service provider serving corporate clients in Michigan across a range of industries. The company offers a wide spectrum of tailored services, including vending services, office coffee replenishment, corporate cafés, grab-and-go markets, and special events, and consistently ranks as one of the top independent food management companies in the United States. Visit www.ContinentalServes.com for more details about the company and its diverse portfolio of services.
