Private investment firm HIG Capital has completed the acquisition of Trinity, the correctional services business of Compass Group PLC (LSE: CPG).
Trinity, which operates under the brand names Trinity Services Group and Canteen Corrections, is one of the three largest providers of outsourced food service and commissary services to the corrections industry. Going forward, the business will operate exclusively under the name “Trinity Services Group.” Compass Group will retain a meaningful ownership stake in Trinity.
Based in Tampa, Florida, and with revenues in excess of USD300 million, Trinity provides outsourced food and commissary services to more than 200,000 inmates at over 300 correctional facilities across 33 states (including Puerto Rico and the US Virgin Islands). By leveraging its procurement, distribution and human resource expertise, the Company delivers high quality and nutritious meals to correctional facilities for far less than they could on their own, thus helping to relieve governmental budgetary pressures.
The existing management team, which will continue to manage and operate the company, is led by Larry Vaughn who founded Trinity over 20 years ago and says: “I am very excited to be embarking on the next stage of Trinity’s growth. As a standalone business with the backing of both HIG and Compass Group, we are well equipped to cement our position as the preeminent player in our industry.”
Matt Sanford (pictured), a Managing Director at HIG Capital, says: “We are excited to partner with Larry and his team to grow Trinity through investments in people and systems and a dedicated focus on the corrections industry. We believe our extensive experience investing in the corrections and food services industries will enable us to bring significant value to this investment. We also pleased to be working on an ongoing basis with Compass Group.”
Tom Ondrof, Chief Strategy Officer for Compass Group USA, says: “Trinity has been a valuable asset for Compass for many years. We welcome the acquisition by HIG and believe the new standalone structure will allow the Trinity team to further develop and focus the business on delivering exceptional service to its customers.”
