M&A Deal Summary

Morgan Street Holdings Acquires Continental Services

On November 13, 2024, private equity firm Morgan Street Holdings acquired business services company Continental Services from New Heritage Capital

Acquisition Highlights
  • This is Morgan Street Holdings’ 1st transaction in the Business Services sector.
  • This is Morgan Street Holdings’ 1st transaction in the United States.
  • This is Morgan Street Holdings’ 1st transaction in Michigan.

M&A Deal Summary

Date 2024-11-13
Target Continental Services
Sector Business Services
Buyer(s) Morgan Street Holdings
Sellers(s) New Heritage Capital
Deal Type Secondary Buyout
Advisor(s) Lazard (Financial)
Latham & Watkins
Taft Stettinius & Hollister (Legal)

Target

Continental Services

Detroit, Michigan, United States
Continental Services is a provider of a spectrum of tailored services, including vending services, office coffee replenishment, corporate cafés, grab-and-go markets, and special events. Continental Services was founded in 1990 and is based in Detroit, Michigan.

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Buyer(S) 1

DESCRIPTION

Morgan Street Holdings is a private investment group focused on acquiring profitable businesses operating in traditional industries. Sectors of interest include distribution, food, beverage, business services, and consumer products. The Firm prefers founder owned businesses with at least $25 million in EBITDA. Morgan Street Holdings is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 1
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Michigan M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2024 M&A 1 of 1

Seller(S) 1

SELLER

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital was formed in 2006 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 23 of 23
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 13 of 13
State: Michigan M&A 2 of 2
Country: United States M&A 20 of 20
Year: 2024 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-19 Brilliant

San Francisco, California, United States

Brilliant offers a broad suite of solutions for corporate gifting and branded merchandise, supported by a robust technology platform, full-service creative expertise, and global fulfillment capabilities. Brilliant was founded in 2015 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-10 JA Moody

Malvern, Pennsylvania, United States

JA Moody is a provider of sales and repairs for valve and actuator needs to the marine service industry. JA Moody was founded in 1965 and is based in Malvern, Pennsylvania.

Buy -