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Centerplate spokeswoman Gael Doar said the company intends to stay in Stamford, where it employs about 20 people at 2187 Atlantic St. Centerplate's operational headquarters is in Spartanburg, S.C.
"As of Tuesday, it's business as usual," Doar said.
Centerplate's income dedeposit security units no longer trade on the American Stock Exchange and Toronto Stock Exchange. Each unit contains an equity share and a debt security.
Each share of Centerplate common stock was cancelled and converted automatically into the right to receive 1 cent in cash. Each unit holder who properly tendered his or her subordinated notes will receive $2.49 per note, plus accrued and deferred interest, according to Centerplate.
Centerplate said Wednesday it has accepted all of the tendered notes for payment.
"We are pleased that our unit holders have approved this transaction," Janet Steinmayer, president and chief executive officer of Centerplate, said in a statement. "We look forward to working with Kohlberg to continue to provide the highest levels of customer service to our clients."
Doar said Steinmayer and other current Centerplate executives will remain under Kohlberg ownership.
One disgruntled holder of 1,000 Centerplate
units, however, is disatisfied with Centerplate ownership and management. Robert Shone of Portage, Ind., said management is overcompensated relative to company performance.
"Management has not served the shareholders well," Shone said Wednesday in a phone interview. "It is not a complex business. If you serve your customers well, you should be able to make money and be a profitable company."
Other shareholders resented the company's refusal to let a private company take it over at $13.50 a share in 2005. Centerplate shares fell last year after it lost the concession contract for Yankee Stadium, which provided about $70 million, or 10 percent, of annual revenues. Centerplate units were trading at $3.45 in late September.
Centerplate provides food and related services including concessions, catering and merchandise services, in more than 130 sports facilities, convention centers and other entertainment venues in the United States and
Canada.
With offices in Mount Kisco, N.Y., and Menlo Park, Calif., Kohlberg & Co. owns the Baur Hockey equipment company and Central Parking Corp. of Nashville, Tenn., which provides parking services at sports stadiums, airports, hotels and office buildings.
-- Staff Writer Peter Healy can be reached at 964-2276 or peter.healy@scni.com.
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