Stevens Institute of Technology was in a tough spot — year seven (7) of a 13-year contract with a Big 3 operator. Stevens officials were not happy with the services they received or the response of the operator to improve their performance. In addition, our client felt handcuffed by a substantial investment buyback.
Simultaneously, Stevens’ board rates were validated to be the highest in the Northeast, more expensive than larger universities. Lastly, poor catering services were beginning to seriously tarnish the school’s image and fundraising efforts.
Stevens needed to determine the risk of testing the market mid-contract. They also wanted to ensure they clearly understood best practices, benchmarks and options. Lastly, they needed to stabilize the catering offerings and begin to prepare for anticipated campus growth.