MIAMI LAKES, Fla. (December 1, 2011) – By all measures The Service Companies (TSC) will finish out 2011 with the best year in its 24 year history. The hospitality firm offers heart of the house management services for the hotel, casino and vacation ownership industries. The company now has 6,000 employees, an increase of 50% over 2010, resulting from TSC being selected by several new leading brands as their exclusive provider and the firm's acquisition of JRS International, Inc., a provider of window and chandelier cleaning services to upscale hotels and resorts. Other milestones reached include growth in company accounts to 400 in 40 states and the Caribbean, and a new office in Mexico. Las Vegas, Orlando, New Orleans, Missouri (Branson) and Puerto Rico are also sites of additional offices opened, closing out the year.
These developments come on the heels of other strides in the first half of 2011 including company President Steve Wilson being named CEO, and the addition of new financial resources. In March, private equity firm Vision Capital joined DLJ Merchant Banking Partners (a Credit Suisse affiliate) as an equity investor in The Service Companies.
TSC's mission is to leverage its expertise in back of the house operations and its track record of reducing costs while improving quality. Services include turnkey housekeeping, night cleaning, stewarding, window and chandelier cleaning, floor care, kitchen cleaning, security, landscaping, laundry management and parking services.
"We're extremely positive about the business outlook for both the near and long terms as we go into 2012, our 25th anniversary," said Wilson. "Our approach is more relevant than ever in the wake of the recession which caused operators to cut overhead costs sharply. Even though general managers may have cut back as far as they could, TSC offers them a way to improve profit margins while enhancing cleanliness," he continued.
While reducing costs may provide the impetus for hiring, TSC equally values performance. The company guarantees to maintain or improve its clients' quality assurance scores, as measured either by franchise brand inspectors or independent rating agencies. TSC has successfully fulfilled that pledge throughout its history.
TSC's ability to deliver consistent quality is due, in part, to extensive training, according to Mike Rosenow, Senior Vice President of Human Resources, who has introduced world-class web-based educational modules to support TSC's orientation and on-the-job training programs. Last year TSC hosted its second annual two-day management summit, where managers were encouraged to "think big, act small, nail the basics, and deliver personalized service," he said.
The Service Companies is the leading heart of the house provider of hospitality management services for the hotel, casino and vacation ownership industries in the United States.. TSC operates in 40 states, Puerto Rico, the Caribbean and Mexico, providing services ranging from turnkey housekeeping and stewarding services to cleaning of public areas, kitchens, windows and chandeliers. Led by an executive team with more than 200 years of combined experience at AAA Four Diamond-rated hotels and casinos, TSC has an impressive track record, serving a variety of exclusive clients including The Ritz-Carlton, Four Seasons, Caesars, MGM, Loews, Hyatt, Bluegreen and Wyndham Vacation Resorts. TSC's model delivers both consistently high levels of service quality and improved performance at the bottom line. For more information on The Service Companies, please call (800) 385-8800 or visit www.theservicecompanies.com.
DLJ Merchant Banking Partners ("DLJMB") is one of the most active and successful private equity investors in North America and Europe, with a 25-year history of leading leveraged buyout and related transactions in the middle-market. In order to enhance returns and minimize risk, DLJMB seeks to create a portfolio that is diversified by transaction type, industry and geography. DLJMB focuses primarily on control equity investments in middle-market companies that have strong, established market positions and excellent growth prospects, across a broad range of sectors. In addition to lead equity investments, DLJMB will selectively complete both minority equity and structured equity investments to take advantage of unique market opportunities. DLJMB draws upon a seasoned team located in New York, Los Angeles and London, which includes a dedicated in-house portfolio strategy operations team that serves to enhance DLJMB's rigorous due diligence process, and develops and drives strategic plans that are designed to accelerate and maximize value creation strategies for its portfolio companies. Through its highly disciplined, credit-oriented and value-add investment approach, DLJMB provides a unique and differentiated platform for private equity investing.
Vision Capital is an international investor with an innovative approach to private equity and a broad, flexible investment mandate. Vision Capital has operations in Europe and the Americas and has a multi-sector approach with specialist expertise in financial services, industrials, consumer and retail and business services. Vision Capital's investment in TSC is one of a series of transactions completed since the firm opened its US office in 2010. Other recent deals in the Americas include an investment partnership with New Evolution Ventures focused on the global fitness, health and wellness industry and the sale of Terphane, a Brazil-based manufacturer of specialty materials for flexible packaging applications, to Tredegar Corporation (NYSE:TG). For further information, please visit www.visioncapital.com.
Leadership Move to Las Vegas