TrustHouse Services Group, the Charlotte-based foodservice management company focusing on middle-market consolidation in the contract services sector, this morning announced a merger with Lindley Food Service.
Lindley, headquartered in New Haven, CT, operates in both Connecticut and Massachusetts and generates over $20 million of annual revenue. All of Lindley's revenues are generated in the Education and Healthcare foodservice segments.
"We are delighted with the transaction, which consolidates our position further in the Education and Healthcare markets," says TrustHouse Chairman and CEO Michael J. Bailey."This expands TrustHouse operations to cover 34 states.
Going forward, Lindley will operate as a stand-alone business within TrustHouse and will continue to own a meaningful equity stake in the combined company. Lindley's operations will continue to be managed by Gil Rossomando and Mark Cerreta, its original founders.
“We are extremely pleased to be able to consummate this transaction, which will ensure our continued growth into the future," observes Lindley President Gil Rossomando. "Our focus will be very much business as usual."
TrustHouse is a portfolio company of Gryphon Investors, a San Francisco-based middle-market private equity firm, and terms of the transaction were not disclosed. The move follows a similar merger last July with Roseville, MN-based A'viands Food and Management Services.
Gryphon Partner Keith Stimson commented, “This is a further step, in addition to our recent transaction with A’viands Food and Management Services, in building the TrustHouse business as a clear, independent leader in the Education and Healthcare contract food service market."
Last September, Food Management named TrustHouse as one of five management companies to watch. You can read more about its strategy in that article: http://food-management.com/business_topics/management/trusthouse-services-group-management-companies0911/index.html