Harkness Capital Partners has closed on its sale of Cenavera Nutrition (“Cenavera”) to Nautic Partners. Cenavera Nutrition is the largest, independent provider of outsourced foodservice to public, private, and charter K-12 schools. Cenavera was a portfolio company of Harkness Capital Partners, which is now investing out of its second fund, Harkness Capital Partners II (HCP II).
Founded in 2004 and based in Scottsdale, Arizona, Cenavera is the foremost independent K-12 foodservice provider in the U.S., serving 380 districts in 33 States. Cenavera takes a fresh ‘from scratch’ foodservice approach, focused on culinary excellence to drive student meal participation rates and generate better outcomes for districts. The Company is led by Monty Staggs and Jonas Falk and has a team of highly seasoned managers with decades of experience serving K-12 public and charter schools.
Since acquiring Cenavera in July 2017, the Harkness team has partnered with management to transform the company from a six-state operation into a broader, more efficient platform; driving growth by attracting top talent, entering new markets, and streamlining management processes. The goal was to transform the business from a small regional provider into the leading independent K-12 nutrition and foodservice operator in the U.S., following the Harkness core tenets of developing people, processes, and practices in each portfolio company.
“The Cenavera team delivered exceptional performance and successfully scaled the business in the face of a challenging operating environment, particularly during the pandemic. Co-CEO’s Monty Staggs and Jonas Falk provided great leadership throughout our investment period. The investment was a testament to what Harkness sets out to do in building lower mid-market services businesses and making them into market leaders,” said Harkness Partner, Ted Dardani.
Jonas Falk, Co-CEO of Cenavera, said, “Over the past several years, Cenavera has achieved unprecedented growth, surpassing others in the K-12 child nutrition space. Our distinctive food-first philosophy sets us apart in a sector defined by regulatory intricacies and the everyday challenge of creating meals that genuinely excite children.” Monty Staggs, Co-CEO of Cenavera added, “We worked shoulder to shoulder with the Harkness team since their initial investment; their guidance and support was instrumental getting to where we are today."
Lazard Frères & Co. LLC advised Cenavera Nutrition and Harkness on the transaction, and Gibson, Dunn & Crutcher provided legal counsel.
Solomon Partners and McDermott Will & Emery LLP represented Nautic in the transaction.
ABOUT HARKNESS CAPITAL PARTNERS
Harkness Capital Partners is a U.S. based private equity investment firm focused on investments in lower middle-market service-oriented companies. Harkness takes an operational approach in helping to build its portfolio companies and create long-term value. The Harkness team works in partnership with talented business owners and managers seeking to grow their companies by investing capital and committing operating resources to support rapid and profitable growth.
The Harkness Capital team consists of investment professionals and operating executives with diverse backgrounds as business founders, builders and leaders in services businesses. Harkness Capital focuses on investments across a variety of segments within business and industrial services, and where the team has deep experience and expertise. Harkness seeks platform companies between $5-15 million of EBITDA.
Target Segments within Business Services:
- Transportation, Logistics & Distribution
- Field & Facility Services
- Rental & Equipment Services
- Infrastructure & Industrial Services
- Other Outsourced Services
For more information, please visit https://www.harknesscapital.com
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