Charlotte-based contract food service company TrustHouse Services has been sold to Parisian catering company Elior SCA, according to an announcement Tuesday from investment banking firm McColl Partners, which advised on the deal. Financial terms were not disclosed.
TrustHouse was created in 2008 through a partnership between former Compass Group CEO Michael J. Bailey and private equity group Gryphon Investors.
The two parties purchased three regional contract food service companies that operated in a total of 22 states. The firm then began targeting other acquisitions in the food service sector at schools, hospitals and prisons. McColl Partners advised on those deals as well.
Operations expanded into 45 states and core earnings quadrupled, McColl Partners said.
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