Lorraine Capital, a private equity firm that invests in area businesses with growth potential, has acquired Innovative Restaurant Supply, an equipment and supply company based in a Rochester suburb with 10 employees.
Lorraine acquired Innovative through one of the companies in its portfolio, BHS Foodservice Solutions, formerly Buffalo Hotel Supply Co.
As part of the deal, BHS, a fourth-generation business that sells equipment and supplies to the food service industry, will move its Farmington, Ontario County, office and its six jobs to Innovative’s site in Henrietta.
Lorraine founder Richard F. Gioia said Monday that the Innovative acquisition is likely to lead to the creation of 10 management jobs at BHS’ Buffalo location. BHS has a base of 65 workers and adds more during its spring and summer busy seasons.
This is the third acquisition by Lorraine, which supports local companies that might otherwise have trouble raising capital and that may not have a succession plan in place to survive past the current generation of leadership.
The first acquisition, announced in December 2014, was Buffalo Hotel Supply Co. The second, which closed last fall, was Bariatric Fusion, a company that makes nutritional supplements for weight-loss surgery patients.