500 Boylston Street
Boston, MA 02116
H.I.G. Capital Announces Acquisition of Next Generation Vending
BOSTON, MA - August 16, 2011 - H.I.G. Capital, LLC, a leading global private equity investment firm, is pleased to announce that its affiliate has completed the acquisition of Next Generation Vending and Food Service, Inc. (“Next Generation” or the “Company”). Next Generation is a leading provider of vending services for corporate and institutional clients in the Northeastern United States. The Company is transforming the vending industry by implementing cutting-edge remote monitoring technology (“RMS”) and focusing on best-in-class service to deliver a superior customer experience. Next Generation is based in Stoughton, Massachusetts and has operating facilities strategically located across the Northeast.
H.I.G. joined forces with the management team, led by Chief Executive Officer, David Mac Isaac, and Chief Operating Officer, Joe Rogan, to consummate the recapitalization. Management will retain a sizeable equity stake in the Company alongside H.I.G.
“We are very pleased with H.I.G.’s support of our business and will benefit from their involvement with the Company as we complete our strategic rollout of RMS technology to our entire fleet of vending machines and vehicles,” said David Mac Isaac. “With H.I.G.’s backing and expertise, we will be well positioned to aggressively seek and exploit growth opportunities to better service our existing customers’ vending needs as well as those of new customers.”
Michael Phillips, a Managing Director at H.I.G. Capital commented, “We are very excited to invest in Next Generation along with its exceptional management team. Management’s outstanding track record and demonstrated ability to close 11 acquisitions over the past 3 years, while at the same time significantly improving profitability, is a testament to the team’s capabilities and depth. We look forward to assisting Next Generation to maintain its leadership position as the largest vending company in the Northeast and to continue to grow its footprint and implement RMS technology.”
About Next Generation Vending
Next Generation Vending is a premier provider of innovative and enticing vending and refreshment solutions for corporate and institutional environments. Headquartered in Stoughton, Massachusetts, the company delivers full-service vending services for its thousands of customers. Today, the company is transforming the vending industry by developing highly responsive solutions, implementing state-of-the-art technology, and offering superior customer service levels. For more information, please refer to the NGV’s website: www.nextgenerationone.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.