FOR IMMEDIATE RELEASE
June 21, 2016
Richmond, VA – Transact Capital Partners is pleased to announce the acquisition of Groovin’ Gourmets LLC by Richmond-based Trolley House Refreshments, Inc., a company owned by Scott Halloran and Michael Calkins. Groovin’ Gourmets will be merged with Feast Catering + Events, a subsidiary of Trolley House Refreshments.
Trolley House has expanded twice previously through merged acquisitions. According to Scott Halloran, President of Trolley House, “this new acquisition significantly increases our capacity to deliver freshly prepared foods to our larger micro market refreshment customers and also gives us a strong foothold into the full service event and catering markets. Although the two divisions will be run and managed separately, the combined company provides us with many synergy savings and opportunities, resulting in both companies delivering a high quality product in the most efficient manner.” Calkins added that
“as the fresh food delivery segment becomes more competitive with entries like Amazon, Blue Apron and various grocery chains, it is pertinent that our vending operation and onsite refreshment centers deliver the highest quality prepared food products, and the acquisition of Groovin Gourmets gives us that ability.”
Groovin’ Gourmets is a full-service caterer founded by Brandon Bruce in 1999 and has grown steadily since. Bruce will stay close to the operation to ensure a smooth transition, also spending time to launch his next venture that will be announced later this year.
Patrick Morin, a Managing Director at Transact Capital, brokered the deal and commented: “I knew the owners of both companies and quickly realized that this was a perfect match for each of their business and personal goals. In enlisting the help of Steve Zacharias who had assisted Trolley House on an earlier acquisition, the deal was quickly put together with an extremely smooth process and closing.”
The transaction was featured in an article in the Richmond Times-Dispatch.
Transact Capital Partners is a full-service mergers and acquisitions advisory, business brokerage, and valuation firm headquartered in Richmond, VA, with offices in Roanoke and Tidewater, VA, Lexington, KY, Orlando, FL, and Central Pennsylvania. Transact focuses on the needs of privately held companies in the lower middle market with enterprise values under $100 million. With extensive experience in owning, running, and investing in private companies or divisions of public companies, the firm’s principals are able to assist many business owners exit their companies or explore other opportunities. Securities and investment banking transactions are offered through Transact Capital Securities, LLC. Member FINRA and SIPC.
To learn more about this transaction, or Transact Capital Partners, please contact Steve Zacharias at 804-612-7102 (Steve@TransactCapital.com). Additional information about Transact Capital Partners can be found at www.TransactCapital.com.