ARAMARK purchases Harry M. Stevens.

PHILADELPHIA--(BUSINESS WIRE)--Dec. 12, 1994--ARAMARK, a global leader in managed services, announced Monday it has acquired Harry M. Stevens, the oldest concessions business in America.

This purchase continues the ARAMARK strategy of building upon its core businesses and will significantly increase the size of its sports and entertainment concessions operations. Terms of the acquisition were not disclosed.

Early last month, ARAMARK also signed an agreement to acquire TW Recreational Services, a leading provider of services to national and state parks across the country. ARAMARK was formerly known as ARA Services.

As a result of the Stevens acquisition, ARAMARK will add such prestigious sports venues as the Astrodome (Houston), Churchill Downs (Kentucky), Fenway Park (Boston), The Meadowlands Complex (East Rutherford, N.J.), the Miami Arena, Nassau Coliseum (Long Island, N.Y.), and Shea Stadium (Flushing Meadow, N.Y.) to its account list. In total, 20 accounts in 9 states and Puerto Rico will be added.

"Harry M. Stevens is an outstanding company which invented the business of sports concessions," said ARAMARK Chairman and Chief Executive Officer Joseph Neubauer. "They were an early leader in this business, and together we will be even stronger as we work to capitalize on the excellent long-range growth prospects for managed services at professional sports and entertainment facilities across the country."

ARAMARK first entered the sports stadium and arena concessions business in 1966 at Atlanta's Fulton County Stadium and with this acquisition will provide management services to 28 professional sports teams in major league baseball, football, basketball and ice hockey.

In light of the baseball strike and delayed hockey season, Neubauer noted that professional sports have long been woven into the fabric of American culture, and ARAMARK is confident that when these matters are settled, loyal fans across the country will return to the nation's ballparks and arenas to support their favorite teams.

"We are a long-term investor in major league baseball and other professional sports and we are looking forward to establishing valuable partnerships with the new teams we will be serving as a result of the Stevens acquisition," Neubauer added.

ARAMARK, through its Leisure Services Division, provides a wide range of food, beverage, catering, lodging and retail merchandise services to more than 50 million people annually at stadiums, arenas, race tracks, convention centers, parks and resorts.

ARAMARK has over 130,000 employees serving 15 million people at 500,000 locations in 11 countries every day. The company is employee-owned with 1994 sales exceeding $5 billion. ARAMARK is a worldwide leader in managed services specializing in food, refreshments, uniforms, child care, medical services, facilities management and magazine and book distribution.

CONTACT: ARAMARK, Philadelphia

              Brian Gail, 215/238-3036,
              David Flaherty, 215/238-3326