You say you crave just an ordinary side of “First Down Fries?” Hague cannot resist: What do you say to an all-meat frankfurter with caraway seed Riesling sauerkraut, tomato fondue and a natural potato roll as well?
Centerplate CEO Hague is organizing a management-led buyout of the concessions giant, with Dow Jones reporting controlling stakeholder Kohlberg & Co. will get $550 million for its Centerplate shares, with the private equity firm based in Mount Kisco, N.Y.
As Hague concocts a new financial structure for Centerplate Inc. ”“ one that includes its Stamford neighbor Olympus Partners backing a management-led buyout ”“ the concessions giant is embracing with gusto the new stadium fare of American sports, with as much emphasis on the chichi as the chow.
Kohlberg underwrote a leveraged buyout of Centerplate in 2009 for $200 million, with Centerplate subsequently growing through the acquisition of rival Boston Culinary Group. Its competition remains formidable today, to include Aramark Corp., the diversified food services giant in Philadelphia that like Centerplate was taken private. Earlier this year, Aramark hired as CEO former Ridgefield resident and former PepsiCo executive Eric Foss. In his first quarter leading the company, Aramark increased sales less than 2 percent to $3.3 billion for the quarter ending in June, but erased its slight loss of a year ago with a $22.5 million profit.
Today, it is Centerplate that holds the top spot in Nation”™s Restaurant News”™ ranking of the fastest growing “chains,” if Centerplate could be thought of in that context, ahead of Five Guys Burgers and Fries.
Centerplate handles food service at some 250 stadiums, convention centers and other facilities in the United States, including Webster Bank Arena at Harbor Yard and the Ballpark at Harbor Yard in Bridgeport.
Whether debuting a small fleet of specialty food trucks to work the tailgaters at San Diego Chargers games, or ”˜Blue Bear Farm”™ adjacent to the Colorado Convention Center supplying fresh produce for Centerplate chefs there, Centerplate is attempting to apply the finishing touches to cuisine served to thousands of visitors to the venues it supports. Using raised beds of fresh farm soil, Blue Bear Farm is producing everything from herbs to vegetables, even flowers to apply the finishing touch to a plate.
“It”™s certainly brought a lot of excitement to the staff,” said Carmen Callo, executive chef at Centerplate, as the farm readied to open. “We”™ve all maybe experienced having a garden in our backyard and the difference of that fresh produce that hasn”™t been picked a week ago and on the road ”¦ It”™s just superior in quality and flavor, texture; and to know that we can go 100 yards out the back door, pick it, process it and serve it to our guests within the same 24 hours, it”™s certainly going to increase our quality.”
Hague takes a more abstract view of Blue Bear Farm.
“This farm symbolizes everything we hope to achieve.”