TrustHouse Services Group & Lindley Food Service Come Together
Charlotte, NC and New Haven, CT April 16, 2012 — TrustHouse Services Group, a leading Healthcare, Education and Corrections Food Service company, announced today a merger with Lindley Food Service. The transaction closed the first week of April 2012. TrustHouse is a portfolio company of Gryphon Investors, a San Francisco-based middle market private equity firm. Terms of the transaction were not disclosed.
Lindley Food Service, 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 sectors.
The combined company continues to rank among the top 10 food services providers in the United States, and is one of the leading food services providers focused primarily on the Healthcare, Education and Corrections sectors.
The Chairman and Chief Executive Officer of TrustHouse, Michael J. Bailey, said, “We are delighted with the transaction which consolidates our position still further in the Education and Healthcare markets. This will expand TrustHouse operations to cover 34 states”.
Going forward, Lindley will operate as a stand-alone business within TrustHouse and will continue to be managed by Gil Rossomando and Mark Cerreta, the original founders of Lindley. The President of Lindley, Gil Rossomando said “We are extremely pleased to be able to consummate this transaction which will ensure our continued growth into the future. Lindley will continue as an autonomous operation within TrustHouse Services Group and our focus will be very much business as usual. TrustHouse provides broader access to capital and additional resources to help us drive Lindley forward. Our combined strength will create greater opportunity for our clients, employees and all our stakeholders.”
Lindley management will continue to own a meaningful equity stake in the combined company.
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. We are very pleased that Gil and Mark are joining the TrustHouse team and remain as shareholders in the business.”
Parker Poe and Adams & Bernstein, also based in Charlotte, acted as lead council for TrustHouse.
TrustHouse Services Group (www.trusthouseservices.com) is a leader in the attractive Healthcare and Education-focused food services space, and manages over 420 client accounts across 34 states. 95% of the company’s revenues are derived from the Healthcare, Education and Corrections sectors. Divisions of TrustHouse include Aladdin Food Management based in Wheeling, WV, AmeriServe Food Management headquartered in Columbia, MO, Fitz Vogt & Associates located in Walpole, NH and A’viands Food Management Services in Roseville, MN. TrustHouse is headquartered in Charlotte, NC and was founded by Michael J. Bailey and Gryphon Investors, a San Francisco- based premier middle-market private equity firm.
About Lindley Food Service
Lindley Food Service specializes in the Education and Healthcare Food Service sector. The company has over 50 client accounts in Connecticut and Massachusetts. Based in New Haven, CT the company has been in business for nearly 30 years and was founded by Gil Rossomando and Mark Cerreta.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) focuses on leveraged acquisitions of, and growth investments in, middle-market companies in partnership with experienced management. Having managed $1 billion of discretionary equity capital, Gryphon has an extensive track record of investing $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, professional resources and operational expertise.
TrustHouse: Michael J. Bailey (704) 424-1071
Lindley: Gil Rossomando (203) 777-3598
Gryphon: Caroline Luz (203) 656-2829