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Barings Provides Debt Package to Support New Heritage Capital Acquisition of Continental Services

March 09, 2017, 07:07 AM
Filed Under: Mergers & Acquisitions

Barings, one of the world’s leading asset management firms, announced that it served as lead agent and sole lender on a package of credit facilities to support New Heritage Capital  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.”

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