HOLMDEL, NJ—Hospitality industry veteran Steve Belmonte will be joining Amdel Associates Inc. as managing director of the hospitality, lodging and hotel systems segment effective Aug. 1, 2020.
Amdel Associates is an investment banking and corporate finance firm focused on upper-middle-market mergers and acquisitions. Through its private equity, family office and corporate acquisition relationships, Amdel accesses more than $10 billion in equity capital to purchase and/or merge with established companies with EBITDAs in excess of $2 million.
“There has always been a lot of opportunity in the hospitality industry,” said William Coluccio, CEO, Amdel. “We needed the right person with the right knowledge to help us expand into this segment. Steve Belmonte has one of the most recognized names and excellent reputations in the industry.”
Belmonte, a 40-year veteran of the hospitality industry, will be using his experience to introduce Amdel to the hotel and lodging industry along with affiliated companies that will benefit the most from investment by the company’s clients.
“There are a significant number of companies who are and will continue to face a hard road ahead,” said Belmonte. “Now may be the perfect time for a merger, acquisition or just a solid investment from outside sources to help them continue to achieve their goals. I’ve seen many cycles and there are certainly defining moments in the life of any company where strong creativity is what’s required to continue growth. That can be very exciting for all involved.”
The hospitality industry has seen a fair amount of consolidations in the recent past and has even been increasing the last few years. “The current climate has the potential for significant growth for those companies who are ready to reinvent themselves and reinvest,” said Belmonte.
Colluccio added, “We are looking for a broad array of companies within hospitality. It may be a large hotel, a software company, or an FF&E provider. The hospitality industry is so broad, we really needed someone with the right insight and knowledge to know which businesses positioned best to make the right investments for our clients.”