NORTH AMERICA. Lagardère Travel Retail has completed the acquisition of highly regarded North American food & beverage operator Tastes on the Fly, first announced on 6 September.
The French company’s parent Lagardère SA said the move aligns with Lagardère Travel Retail’s ambition to solidify its position as a leading airport foodservice operator in the region.
Tastes on the Fly, which is now combined with Paradies Lagardère, Lagardère Travel Retail’s North American division, operates restaurants and food & beverage concepts in the US and Canada, covering 25 locations across five major airport platforms.
The integration of the two food service operations will begin immediately, led by Paradies Lagardère President and Chief Executive Officer Gregg Paradies. Tastes on the Fly will be consolidated in Lagardère’s financial statements as of today (1 November).
Lagardère Group said: “Leveraging the complementary nature of both companies’ locations and concepts, this transaction will generate commercial and financial synergies in the North American market, which offers attractive growth prospects.”
Tastes on the Fly was founded by four restaurant entrepreneurs – including current Executive Chairman Michael Levine – in 1999. Since opened its inaugural location at San Francisco International Airport in 2000, the company has grown into one of North America’s largest and most acclaimed boutique airport dining operators.
The company is also renowned for its culture of inclusion and diversity that elevates women in leadership positions. Half of its executive leadership is female, including CEO Edie Ames, as well as many line managers and administrative staff.
Combining the regional activities of Lagardère Travel Retail and Tastes on the Fly, which is expected to achieve US$180 million in 2023 revenues creates a US$1.5 billion player – the second-largest player in North America’s travel retail and foodservice industry, the French group said.
Gregg Paradies said: “We are very excited to finalise this acquisition and welcome such an impressive organization as Tastes on the Fly to Paradies Lagardère. Our Dining Division is an incredibly talented and successful team and adding Tastes on the Fly’s outstanding team will further elevate our efforts to deliver the very best restaurant offerings to our airport partners and travelling guests across North America.”
Michael Levine, Executive Chairman and Co-founder of Tastes on the Fly, added: “We are thrilled to complete this step and look forward to integrating into the Paradies Lagardère organisation. Tastes on the Fly has grown immensely and enjoyed great success over the years and we look forward to supporting the goal of becoming one of the best and largest airport restaurant operators in North America.” ✈
