August 22, 2011
Private-Equity Firm Acquires Next Generation Vending
STOUGHTON, MA -- Next Generation Vending and Food Service Inc., a leading regional vending company serving the Northeast, has been acquired by private-equity investment firm H.I.G. Capital LLC. Terms of the transaction were not disclosed.
The company, which maintains headquarters here and several branches throughout the Northeast, will continue to be led by chief executive David Mac Isaac and chief operating officer Joe Rogan. Next Generation management will retain a "sizeable" equity stake in the company, officials said.
Mac Isaac said H.I.G.'s recapitalization comes at a pivotal time as Next Generation moves to complete deployment of remote monitoring technology to its entire fleet of vending machines and vehicles. "With H.I.G.'s backing and expertise, we will be well positioned to aggressively seek and exploit growth opportunities to better service our existing customers' vending needs, as well as those of new customers," he stated.
Michael Phillips, a managing director at H.I.G. Capital, praised Next Generation's management team for its closing 11 acquisitions over the past three years and improving profitability simultaneously. "We look forward to assisting Next Generation to maintain its leadership position as the largest vending company in the Northeast and to continue to grow its footprint and implement remote-monitoring technology," he said.
Next Generation provides vending and office refreshment services to more than 8,500 customers throughout the Northeast, including Connecticut, Massachusetts, Rhode Island, upstate New York and Northern Pennsylvania. In February, the company sold its foodservice division to Lessing's, a large foodservice and hospitality operation based in Great River, NY, to focus on its vending business.
H.I.G. Capital, founded in 1993, manages more than $8.5 billion. Based in Miami, with offices in San Francisco, Atlanta, Boston, New York, London, Hamburg and Paris,
Posted by staff at August 22, 2011 07:52 AM