Harvey & Company initiated the acquisition of the second brand in the Cornerstone portfolio, Lloyd Pans, by a Midwest private equity group. Formerly part of Lloyd Industries, Lloyd is a high margin domestic manufacturer of commercial pizza pans & tools, commercial bakeware, and commercial & consumer restaurant equipment based in Washington. Cornerstone Foodservice Group is a newly formed company intended to serve as a portfolio of high quality niche commercial foodservice brands, supplying both large and regional restaurant chains.
The acquisition of Lloyd presents multiple opportunities for Cornerstone. Aside from the financial advantages of margin expansion and added scale, it opens the door to subsequent acquisitions in a wider range of the foodservice market. Harvey & Company is currently seeking additional brands which could offer cross-selling synergies and exposure to new customer groups.
The initial component of the Cornerstone portfolio was Spring USA, a manufacturer, importer, and assembler of buffet, catering, and serving products. Based near Chicago, Spring USA supplies a wide range of customers including restaurants, hospitality, stadiums, and schools.