TrustHouse Services Group has acquired healthcare specialist Cura Hospitality from Eat ‘n Park Hospitality Group. Cura will continue to operate under its own name and will be led by current president/founder Mitch Possinger, who will report directly to TrustHouse President/CEO Brian Poplin.
TrustHouse was #8 on FM’s 2015 Top 50 Contract Management Companies listing with 2014 revenues of $498 million, while Cura was #25 with revenues of $101 million.
TrustHouse currently has more than 700 client accounts in five industry segments across 47 states. It was acquired in 2013 by its management and European contract catering firm Elior SA, one of the world’s largest contract foodservice providers, with annual revenues of around €5,431 billion (around $4.8 billion at current exchange rates).
Cura’s focus on healthcare business—primarily eldercare, which last year accounted for about 80 percent of the business—meshes readily with TrustHouse’s emphasis on institutional business, half of which is generated in the healthcare segments, primarily eldercare.
“Cura’s track record of exceptional customer service and culinary innovation is a perfect match for our existing portfolio,” said TrustHouse Chairman/Co-founder Michael Bailey in a statement announcing the deal. “Their ability to enhance the experiences and well-being of patients and seniors is a true market differentiator. This partnership is an excellent way to expand opportunities for all our customers and employees.”
“We have a solid reputation for providing personalized and exemplary service,” added Possinger. “We understand that food can enhance people’s experiences and their well-being. We are looking forward to this partnership so we can improve even more lives through outstanding food and hospitality.”
Trusthouse, which was built through a series of acquisitions of previously independent foodservice contract management firms with brand recognition in their markets, operates primarily under those brand names, which will now include Cura.
“Cura has built an incredibly strong presence in the Mid-Atlantic region, and we look forward to supporting them with our strong global brand and resources,” said Poplin. “TrustHouse encourages each of its companies to operate with an entrepreneurial spirit combined with accountability for their target markets. We know that TrustHouse and Cura will be an unbeatable match.”
The move divested Eat 'n Park of one of its two onsite foodservice units. It retains Parkhurst Dining, #20 on the Top 50 with 2014 revenues of $155 million, primarily serving the college and corporate dining segments.
Contact Mike Buzalka at [email protected]