Healthcare Services Group has acquired NEXDINE Hospitality, a privately held dining and hospitality service management company with a significant presence in the senior living market.
Healthcare Services Group paid an upfront purchase price of $93.5 million, with the potential for additional contingent consideration if certain performance targets are achieved. The transaction was funded using cash on hand.
NEXDINE is expected to contribute more than $150 million in annual revenue to Healthcare Services Group.
Following the acquisition, NEXDINE will operate as a wholly owned subsidiary of Healthcare Services Group while retaining its existing brand identity and headquarters in Mansfield, Massachusetts.
NEXDINE’s existing management team will also remain in place, including founder and CEO David Lanci.
The acquisition expands Healthcare Services Group’s presence in senior living and other hospitality-oriented care markets while adding NEXDINE’s dining and hospitality service capabilities to its existing platform.
Healthcare Services Group said the combination is intended to provide NEXDINE with additional scale and resources while preserving the brand and leadership team that has built the business.
KEY QUOTES:
“This acquisition represents a significant milestone for HCSG as we expand our footprint into the rapidly growing senior living and hospitality-driven care markets. NEXDINE has built an exceptional reputation blending culinary innovation with deep industry expertise. We are honored to partner with NEXDINE’s extraordinary team in their next phase of growth and innovation.”
Ted Wahl, President and CEO of Healthcare Services Group
“This combination represents an exciting new chapter for NEXDINE. For nearly two decades, NEXDINE has been guided by the belief that service begins with great people and strong client relationships. In HCSG, we found a partner who shares those values and our vision for elevating the hospitality experience.”
David Lanci, Founder and CEO of NEXDINE Hospitality
