Serv-O-Matic, Inc. Sold in Two Separate Transactions
Serv-O-Matic, Inc. (“Serv-O-Matic”), a portfolio company of River Capital, announced it has been sold in two separate transactions to Automated and Custom Food Services, Inc. and Five Star Food Services, Inc. Headquartered in Memphis, Tennessee, Serv-O-Matic is a full line vending and food service company, providing vending, industrial feeding, catering and concession food services to businesses, universities, principalities and athletic facilities. Following River Capital’s initial investment, Serv-O-Matic acquired five additional companies and grew its footprint to a five-state area in the Southeast from facilities in Tennessee, Arkansas and Mississippi. The purchase price was not disclosed.
River Capital is one of the oldest firms of its type in the Southeast and has acquired companies in a broad range of industries with combined annual revenues in excess of $600 million. River Capital primarily invests in light manufacturing, distribution and select service companies with purchase prices of $10 million to $50 million. For add-on acquisition candidates, the firm will consider companies with a purchase price less than $10 million.