PNC Riverarch Capital acquired Five Star Food Service, a provider of on-site food and beverages to commercial, institutional and educational locations. Twin Brook Capital Partners, NXT Capital and MidCap Financial Services provided senior debt financing to support the transaction.
Founded in 1993, Five Star serves more than 5,500 customers across vending, micro market, office coffee and dining operations. Headquartered in Chattanooga, Five Star operates from 14 branch locations across Tennessee, Georgia, and Alabama.
HarbourVest Partners, Five Points Capital and management were major co-investors to PNC Riverarch Capital on the transaction.
“I am excited to partner with PNC Riverarch Capital to sustain and accelerate the growth of our business,” said Al Recher, CEO of Five Star. “Our foremost commitment is to provide our customers with exceptional foodservice solutions, supported by best-in-class customer service. We are excited for the company’s next phase of growth.”
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. PNC Riverarch Capital is a division of PNC Capital Finance.