New Heritage Capital (Heritage) has exited its investment in Continental Services (Continental) after the corporate food service provider was acquired by Morgan Street Holdings, an investment group focused on acquiring business services and consumer product companies.
Founded in Detroit, Michigan in 1989, Continental offers clients a range of technology-enabled vending, dining, markets, and catering options. As one of the largest franchisees of the Compass Group, Continental Services serves diverse clients of all sizes and industries, with a footprint spanning across Michigan, Indiana, Ohio, and into Pennsylvania and New York. The Company has more than 1,500 employees and operates 28 distribution centres across its footprint.
Heritage worked closely with the Continental management team to execute a comprehensive organic and inorganic growth plan that included ten acquisitions, improved operating efficiency and greater route density, and led to further diversification of its client base.
