Heritage Capital Group Advises St. Johns Food Service on Sale
Heritage Capital Group, Inc., an investment banking and financial advisory firm serving middle-market and emerging growth companies in the U.S. and worldwide, is pleased to announce that its client, St. Johns Food Service, has been acquired by an investor group led by the owners of Alhambra Theater and Dining.
St. Johns Food Service was founded in 1949 by a local veterinarian, Dr. Ronald F. Jackson, who rented frozen locker space to local restaurants. Dr. Jackson saw the need for food service products, and began adding product lines and selling them in and around the St. Augustine area. In 1963, Dr. Jackson hired Melvin McQuaig who worked his way up through various positions in the Company, ultimately purchasing the Company from Dr. Jackson in 1994. Today, the Company services nearly 500 accounts within a 75-mile radius of St. Augustine. The Company distributes a complete, broad line of approximately 3,000 restaurant food and paper products from a 15,000 square foot multi-temperature warehouse.
Bill Prescott, principal at Heritage, served as the exclusive financial advisor and intermediary to St. Johns Food Service. The terms of the transaction were not disclosed.
"As a locally-owned company serving the St. Augustine area for over 70 years, it was important to me to find the right buyer to continue to serve our customers and employees," commented Melvin McQuaig, owner of St. Johns Food Service. "Heritage Capital Group was able to find that buyer for me. Bill's experience as an investment banker and CFO made the transaction process run very smoothly; and minimized my time in the process, so I could concentrate on running and growing the business. This allowed me to maximize the value of St. Johns Food Service."