A pair of foodservice titans in the City of Brotherly Love are joining together to take cuisine to new horizons.
Philadelphia-based Aramark (ARMK, Financial), a global leader in food and facilities management, has entered into a strategic collaboration with the Philadelphia-based Starr Restaurant Organization, one of the largest multi-concept and independent restaurant groups in the United States.
Together, Aramark and Starr Restaurants will “drive culinary innovation and excellence through a strategic collaboration designed to provide best-in-class hospitality experiences for Aramark clients, while enabling new growth for both companies,” the companies said in a release.
Aramark’s client portfolio includes many of the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent health care providers, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world with food, facilities and uniform services.
Founded in 1995 by Stephen Starr, Philadelphia‐based Starr Restaurants is one of the largest multi‐concept restaurant groups in the country.
Rooted in Passion
“Aramark and Starr Restaurants are both rooted in a passion for service and in providing unforgettable experiences for our clients and customers,” Aramark Chief Operating Officer for U.S. Food and Facilities, Marc Bruno, noted in the announcement. “Being based in Philadelphia, we have had a front-row seat as Stephen Starr—one of the culinary pioneers of our city’s food scene—elevated the dining experience and helped make Philadelphia one of the best food cities in the country. Through this strategic collaboration, we look forward to furthering Aramark’s culinary authority by infusing our kitchens and concepts with the creativity and innovation that Starr Restaurants is famous for.”
The partnership includes an exclusive licensing agreement allowing Aramark to operate “designated Starr concepts and brands within multiple lines of its business, while providing national visibility to Starr concepts through Aramark’s extensive client base in higher education, business dining, sports and entertainment, convention centers, cultural attractions, and other food service divisions,” the statement said.
“This collaboration is a unique opportunity for both Starr Restaurants and Aramark,” founder and CEO Stephen Starr said in the release. “I began my career as a concert promoter in stadiums and major arenas and am eager to get back into large entertainment venues, but this time in the culinary space. It is an exciting opportunity to converge my two career passions alongside an industry leader like Aramark. The company’s impressive and consistent growth, and its deep commitment to providing high-quality hospitality experiences makes it the perfect food service company partner for Starr Restaurants. I look forward to developing innovative and cool concepts for many of Aramark’s clients and customers around the country, as well as a robust and beneficial knowledge exchange among our talented leaders.”
The collaboration is “a continuation of Aramark’s accelerated growth strategy to develop strategic relationships that will enhance the overall client and customer experience,” the companies said.
InvestorsObserver recently noted that Wall Street is positive on Aramark: “On average, analysts give Aramark a Buy rating. The average price target is $40.6, which means analysts expect the stock to add by 12.78% over the next 12 months. That average ranking earns Aramark an Analyst Rating of 19, which is better than 19% of stocks based on data compiled by InvestorsObserver.”
