Gridiron Capital Announces Investment in The Service Companies
Miami Lakes, FL & New Canaan, CT, July 18, 2018 – Gridiron Capital, LLC (“Gridiron Capital”) has acquired a controlling interest in The Service Companies, Inc. (“The Service Companies”), the nation’s premier provider of managed services, food & beverage staffing, and specialty cleaning services for the hospitality and gaming industries. The Service Companies’ management team will remain significant investors in the company as part of the transaction and will continue in their current leadership positions. Terms of the transaction were not disclosed.
Comprised of Heart of House Services, Acrobat Outsourcing, and JRS International, The Service Companies is a leading provider of outsourced service solutions for the hospitality industry, offering a full scope of services, including turn-key housekeeping, public and casino area cleaning, kitchen cleaning, stewarding, laundry services, trained food & beverage professional staffing, window and chandelier cleaning, pressure washing and more. Its portfolio of customers includes over 750 hotels, casinos, resorts, arenas, stadiums, corporate cafeterias, schools, universities, and hospitals across 33 states, Puerto Rico and the Bahamas. Through its industry-first turn-key service offering, clear customer value proposition, and rigorous focus on training and development to provide best-in-class customer service, The Service Companies has grown into the largest platform of comprehensive outsourced solutions to hospitality clients across North America and the Caribbean.
“This is a truly exciting time for our company, with the team at Gridiron Capital recognizing the same opportunity we do across all aspects of the hospitality industry,” said Steve Wilson, President and CEO. “Partnering with Gridiron Capital now provides The Service Companies with the strategic resources and financial capital to expand our existing business and pursue new opportunities, capitalizing on the ongoing migration to outsourced services in the hospitality industry. With this transition, The Service Companies takes another significant step in realizing its vision to be the true one-stop-shop for outsourced services to the hospitality industry.”
“We are thrilled to partner with Steve and his leadership team to help continue the growth trajectory and quality focus of the company,” stated Tom Burger, Managing Partner of Gridiron Capital.
Scott Harrison, Managing Director & Chief Operating Officer at Gridiron Capital, added, “The Service Companies has developed into a premier service provider to hospitality assets nationwide. We believe there are significant opportunities for growth, organically, through acquisitions and by offering additional lines of service. We look forward to providing Gridiron Capital’s financial and intellectual capital to achieve our shared strategic vision for the Company.”
Finn Dixon & Herling LLP advised Gridiron Capital on the transaction. Twin Brook Capital Partners provided the debt financing for the transaction.