Centerplate acquired by Kohlberg

By Lisa Kerner

Charlotte, N.C., Jan. 27 - Kohlberg & Co., LLC completed its acquisition of Centerplate, Inc. after Centerplate unitholders voted to accept the merger agreement at a special meeting on Tuesday.

Centerplate said its income deposit securities will no longer trade on the American Stock Exchange or the Toronto Stock Exchange as a result of the transaction.

In September, Kohlberg agreed to acquire Centerplate through a debt tender offer for up to 70% of Centerplate's notes and a merger in which 100% of Centerplate's common stock would be acquired.

The terms of the merger agreement were modified in December, reducing the price for each income deposit security to $2.50 from $4.00.

Centerplate also amended and restated its credit agreement to provide Kohlberg with the necessary debt financing to complete the acquisition. It was previously reported that National City Bank backed out of its commitment to provide Kohlberg with $175 million of debt financing.

Stamford, Conn.-based Centerplate provides food and related services to recreational facilities.

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