A private equity firm recently bought Chattanooga-based Five Star Food Service.
Leaders recently announced the partnership with PNC Riverarch Capital, a leading middle-market private equity firm that invests in well-positioned companies across a variety of industry sectors.
“I am excited to partner with PNC Riverarch Capital to sustain and accelerate the growth of our business,” Five Star CEO Al Recher said in a prepared statement. “Our foremost commitment is to provide our customers with exceptional food service solutions, supported by best-in-class customer service. We are excited for the company’s next phase of growth.”
Founded in 1993, Five Star serves more than 5,500 customers across vending, micro-market, office coffee and dining operations, according to a news release.
Through customized food service offerings tailored to a variety of environments, Five Star enables employers to better serve the needs of their workforce, enhancing employee satisfaction, productivity and retention, also according to the release.
Five Star operates from 12 branch locations across Tennessee, Georgia and Alabama.
Since its 2008 reorganization, Five Star has grown revenues threefold and is prepared to accelerate its growth over the coming months and years. The investment will support Five Star’s plan to maximize market share, introduce new solutions and expand its operational footprint.
“Five Star’s strong value proposition to employers and end consumers has driven an exceptional operational track record,” PNC Riverarch Capital Managing Director Michael Hand said in a prepared statement. “We were particularly attracted to the company’s talented management team, entrenched market leadership position and strong customer relationships.”