H.I.G. Capital, LLC, a private equity investment firm, announced that its affiliate has completed the acquisition of Next Generation Vending and Food Service, Inc. Next Generation is a provider of vending services for corporate and institutional clients in the Northeastern U.S. The company is has implemented remote monitoring technology (RMS) and focusing on best-in-class service to deliver a superior customer experience. Next Generation is based in Stoughton, Mass. 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 Mac Isaac in a prepared statement. “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.”