Hard on the heels of handling more than $1 billion in financing transactions for Delta Air Lines earlier this month, Kilpatrick Stockton partner Benjamin W. Barkley found himself wondering—in these deal-starved times—what he’d be doing next.
But before he even had time to catch up on his sleep, he was representing longtime client Five Star Food Service in its recapitalization by Navigation Capital Partners. Chattanooga-based Five Star, which provides vending, coffee and food services, has long been a portfolio company for Atlanta-based private equity firm Navigation.
Though financial terms of the deal were not disclosed, Barkley, who worked on the transaction with partner Todd C. Meyers, said, “It was a refinancing, a paying off debt and additional investments. Like everybody else.”
The deal increases Navigation’s majority ownership stake in Five Star, and also makes Five Star a franchisee of Canteen Vending Services, an operating company of Charlotte-based Compass Group North America, according to information from the companies.
Attorneys from Reed Smith represented Navigation in the deal.