HIG Capital, the Miami-based private equity firm, will acquire Next Generation Vending & Food Service Inc. The company provides vending service in the Northeast US. Next Generation’s management team, led by Chief Executive Officer, David Mac Isaac and Chief Operating Office, Joe Rogan, joined forces with H.I.G. to consummate the recapitalization. The private equity firm has a goal to expand Next Generation’s footprint.
H.I.G. Capital Acquires Next Generation Vending
H.I.G. Capital announced that it completed the acquisition of Next Generation Vending and Food Service, Inc.
Next Generation provides vending services to institutional and corporate customers in the Northeast region of the United States. Next Generation Vending is transforming the vending industry by utilizing cutting edge RMS (Remote Monitoring Technology). Next Generation is based in Massachusetts and has several operating facilities located across the Northeast.
Next Generation’s management team, led by Chief Executive Officer, David Mac Isaac and Chief Operating Office, Joe Rogan, joined forces with H.I.G. to consummate the recapitalization. The company’s management will continue to retain a sizeable equity stake in the business alongside H.I.G. Capital. David Mac Isaac commented that he is very pleased with H.I.G. Capital’s support and believes that Next Generation will benefit from H.I.G.’s involvement in the strategic rollout of RMS to their entire vending machine fleet. David Mac Isaac further stated that with H.I.G.’s expertise and backing, the company will be well positioned to aggressively seek and exploit growth opportunities and better service existing customer needs.
H.I.G. Capital Managing Director, Michael Phillips, emphasized that H.I.G. is excited to invest in Next Generation and its outstanding management team. H.I.G. looks forward to assisting Next Generation maintain its leadership position as the largest vending company in the Northeast and growing the company’s footprint.
H.I.G. Capital is a leading global private equity investment firm based in Miami. The firm has more than $8.5 billion of capital under management. H.I.G. specializes in providing capital to small and medium sized businesses and has offices in Atlanta, Boston, New York and San Francisco, as well as Hamburg, London and Paris in Europe.