Documents Reveal Kohlberg & Co. Intends To Sell Sports Concession Firm Centerplate
Centerplate, “one of the big four in sports concessions, is for sale again,” according to an investment bank document cited by Don Muret of SPORTSBUSINESS JOURNAL. Sources said that the document, “a one-page summary sheet issued by Harris Williams & Co., a Richmond, Va.-based investment bank focused on mergers and acquisitions, contains specific language stating Kohlberg & Co.’s intent to sell the company." Private equity firm Kohlberg & Co. has owned Centerplate “for about 3 1/2 years.” Centerplate President & CEO Des Hague “confirmed that his company has hired Harris Williams, though not necessarily to sell the concessionaire.” Hague said, “We are currently exploring a recapitalization of Centerplate and exploring the best way to do that.” Muret notes Hague “would not provide further information.” A source said that the Harris Williams sheet estimated Centerplate “would generate total revenue this year of $825.1 million, with EBITDA of $80 million” (SPORTSBUSINESS JOURNAL, 4/30 issue).