Centerplate has signed a definitive merger agreement with an affiliate of private equity firm Kohlberg & Company, LLC, to be acquired in an all cash transaction. The company realizes around $740 million in annual revenue by providing concessions, catering and merchandise services in more than 130 sports facilities, convention centers and other entertainment venues in the United States and Canada. Centerplate's stock price was hit by the loss of its largest client, the New York Yankees, earlier this year when the Yankees announced that the team would self-operate its concessions and dining services when it moves into its new ballpark next April. The Yankees accounted for around 10 percent of Centerplate’s annual revenues.
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