Aramark To Acquire Next Level Hospitality
Aramark announced Thursday that it has signed an agreement to acquire Next Level Hospitality, a provider of culinary and environmental services in the senior living sector, specializing in skilled nursing and rehabilitation facilities.
Founded in 2017, Next Level serves hundreds of locations in the U.S., primarily in the East Coast, Midwest and Texas.
“Next Level has built an impressive, fast-growing business that provides high quality services, led by a strong management team with a proven track record of execution,” said Aramark’s CEO, John Zillmer. “This complementary acquisition extends our presence in the attractive, emerging senior living sector and reflects our highly selective [merger and acquisition] strategy. We look forward to welcoming the Next Level team to Aramark.”
Next Level’s CEO Dave Carpenter added, “We are excited to join Aramark – a place where I spent 18 years earlier in my career – and know is the ideal home for Next Level to leverage our combined capabilities and expertise. We expect to capitalize on the extensive growth opportunities ahead to provide clients our differentiated culinary and environmental services.”
Next Level generated approximately $160 million of revenue in the last 12 months ending March 31, 2021 and is expected to be accretive to Aramark’s earnings by early fiscal 2022. Next Level will operate as a separate division under its own brand within Aramark’s Healthcare business.
The deal is scheduled to close in Aramark’s fiscal third quarter, subject to customary closing conditions and approvals. Terms of the transaction were not disclosed.
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