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Centerplate Completes Mgmt-Led Buyout

Centerplate, an event hospitality company focused on sports stadiums, convention centers and entertainment venues, has completed its management-led buyout in partnership with private equity firm Olympus Partners. The seller is Kohlberg & Company. Terms were not released.

PRESS RELEASE
Centerplate, the largest event hospitality partner to North America’s premier sports stadiums, convention centers and entertainment venues, announces it has concluded its management led buyout of the company in partnership with Stamford-based Olympus Partners from former owner Kohlberg & Company, LLC. Centerplate, named the fastest growing hospitality group in the country by Nation’s Restaurant News in 2011 will now see an infusion of resources which will accelerate the company’s growth and innovation strategy.

Centerplate’s executive team will remain intact, providing stability, and a continuation of Centerplate’s highly successful growth strategy and event hospitality focus. Under the supervision of President and CEO Des Hague and Chairman Joe O’Donnell, Centerplate has realized significant revenue growth, adding major new business including the University of Notre Dame, the New Orleans Convention Center, and the new San Francisco 49ers stadium.

“We were thrilled to announce we had come to terms with Olympus Partners last month and we are even more energized today now that we have consummated the transaction,” says Mr. Hague. “We have the leadership, strategy and resources to fuel our success and our ability to grow our clients’ business. This management led buyout will also provide continuity of key leadership, including our current, and invaluable, Chairman, Joe O’Donnell. Ultimately, we are in a really good place to drive meaningful growth in the months and years ahead.”

“We are investing resources into Centerplate for one simple reason: this is a best in class company, led by an outstanding management team, poised for even greater growth in their industry,” says new investor David Cardenas, Partner with Olympus Partners. “We are joining with this talented team in support of their industry-leading “Event Hospitality” approach, which we’re confident will continue to drive the company’s growth.”

About Centerplate
Centerplate crafts and delivers “Craveable Experiences. Raveable Results.” in over 250 prominent entertainment, sports and convention venues across North America – annually serving over 100 million guests. Centerplate has provided event hospitality services to 15 official U.S. Presidential Inaugural Balls, 13 Super Bowls, 20 World Series, the 2010 Winter Olympic Games, and the largest plated dinner in history at the Alpha Kappa Alpha Centennial Celebration. Last year, the company was named the fastest growing restaurant/ hospitality group in the country by Nation’s Restaurant News. Visit the company online at www.centerplate.com.

About Olympus Partners

Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including restaurants, consumer products, healthcare services, financial services and business services. Olympus manages in excess of $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.

About Kohlberg & Company, LLC

Kohlberg & Company, LLC (“Kohlberg”) is a leading U.S. private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has completed 57 platform investments and more than 100 add-on acquisitions, with aggregate transaction value in excess of $8 billion. Kohlberg has invested over $3 billion over its history and is currently investing its seventh private equity fund, Kohlberg Investors VII. For more information, visit www.kohlberg.com.

SOURCE Centerplate