ITALY/GERMANY. Autogrill, through its German subsidiary Autogrill Deutschland, has entered exclusive negotiations with Soufflet Group subsidiary Boulangerie Neuhauser to acquire 100% of food & beverage operators Le CroBag Gmbh & Co. KG and F.F.N. GmbH.
The two F&B companies mainly operate railway station F&B activities under the Le CroBag* brand in Germany, Austria and Poland. The Le CroBag network comprises 124 outlets, both directly managed and licensed, with overall revenue exceeding €80 million in 2016.
Soufflet Group has launched an information and consultation process with the relevant employees’ representatives and stakeholders. Any agreement remains subject to customary approvals by antitrust authorities and signing of the appropriate acquisition agreements.
“Germany is one of the key markets for food & beverage in Europe, where Autogrill intends to strengthen its presence,” said Autogrill Group CEO Gianmario Tondato da Ruos. “The acquisition of Le CroBag is also an opportunity to enter the main European railways channel, worth more than €600 million, with a development potential also in other European countries.
“This transaction is consistent with our aim to strengthen and focus our activities in the European strategic channels and countries through targeted acquisitions coupled with new contract wins,’’ Tondato added.
Autogrill today operates 55 outlets in Germany at airports, motorways and shopping malls, generating revenue of around €100 million in 2016.
“The Soufflet Group acquired Le CroBag, in 2014 as part of the Neuhauser Group. We welcome the opportunity to transfer Le CroBag to an international food & beverage retail expert company,” said Soufflet Group Chairman Jean Michel Soufflet.
Autogrill is the world’s leading provider of F&B services for travellers. It is active in 31 countries with around 4,000 points of sale. It has been listed on the Milan stock exchange since 1997.
*The name Crobag was formed from the word beginnings of croissant and baguette.
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