CHARLOTTE, N.C., March 08, 2017 (GLOBE NEWSWIRE) -- Barings, one of the world’s leading asset management firms, announced today that it served as lead agent and sole lender on a package of credit facilities to support New Heritage Capital (“Heritage”) in its acquisition of Continental Services.
The debt package, arranged by Barings’ North American Private Finance Group, included a revolving credit facility, term loan and a delayed draw term loan. The credit facilities will be used to provide working capital for Continental and fund the company’s long-term growth initiatives.
Founded in 1989 and based in Troy, Michigan, Continental is a leading, diversified food service provider offering vending machine services, dining services, event catering, self-checkout “micro markets,” office coffee services and correctional facility food services.
“New Heritage Capital is pleased to have the close collaboration of the Barings team on our investment in Continental Services,” said Melissa Barry, partner at Heritage. “Barings demonstrated to us that it is a true partner and we benefited from the team’s deep experience in the middle market as well as its ability to provide certainty of closing.”
“Barings is very excited to have the opportunity to partner with Heritage to provide the resources Continental needs to expand,” said Bob Shettle, managing director and co-head of Barings’ North American Private Finance Group. “We admire Heritage’s unique strengths and its ability to partner with company management to achieve their growth objectives, and we look forward to working with Heritage on this and future investments.”
“Continental has achieved impressive growth by combining the capabilities of much larger operators with an unmatched level of client service,” said Steve Jarvis, managing director for Barings. “We are excited about Continental’s future prospects as its deep, experienced management team goes to work with Heritage to leverage the company’s leading market position.”
About Heritage
Heritage is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.
About Barings LLC
Barings is a $271 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at www.barings.com.
*As of December 31, 2016