SPARTANBURG, S.C. -- Spokesmen for investors who acquired the TW Services food company in a $1.65 billion takeover said Thursday the company's headquarters will be moved from New York to Spartanburg, S.C.
TW Services, with annual revenues of $3.6 billion, will be the largest company in South Carolina, outgunning the state's giant textile company Milliken & Co. which had sales estimated at $3 billion last year.
Jerry Richardson, president of TW Services, led the effort to move the company to Spartanburg, spokesmen said.
They said only about 30 employees work in the company's New York headquarters. TW Services has a large branch office in Spartanburg that employs 300 people and others in Chicago and Southern California.
The company, which has been the subject of hostile takeover bids for the past 2 years, agreed Wednesday to a $1.65 billion buyout offer from Conniston Partners, a New York investment company that offered $34 a share.
Coniston said it plans to promote Richardson to the post of chairman and chief executive officer of TW Services. The company's current chief executive officer, Frank Salizzoni, has said he will resign his positions.
TW Services is the parent company of Hardee's largest franchisee, the 440-restaurant Spartan Food Systems Inc. of Spartanburg, which Richardson started in 1960.
TW Services also operates the Denny's fast-food chain, Canteen Corp. and American Medical Services Inc., a health care chain Coniston plans to sell.
Richardson said Wednesday now that the future of TW Services is settled, he plans to spend more time on his effort to get a National Football League team to move to the South Carolina city.