Mike Van Belle, senior vice president and cfo at The High Companies, said his company decided that vending and foodservice did not fit into its long-term plans. He said in a statement that the High Companies is a "mini conglomerate" that owns businesses in structural steel fabrication, precast concrete manufacturing, steel distribution, real estate management, construction and hotel management.
Van Belle said The High Companies recognized that the vending and foodservice industries have been consolidating in the last 10 years and that at $16 million in annual sales, High Food Services is not a large player in the industry. He said it made more sense to sell the company to another player that could make the necessary investments to grow the business. After considering the available players, he said management decided that Compass Group offered the best option for its shareholders and its existing vending and foodservice customers.
Van Belle said Compass Group agreed to retain most if not all of High Food services' 140 employees. He said the High Food Services name will be kept during a transition period and further noted that Compass Group agreed to maintain its Lancaster, Pa. and Hanover Pa. operating facilities.
High Food Services provides refreshment vending, cafeteria operations, catering and office coffee services in Pennsylvania and Maryland.