NORTH AMERICA. Lagardère Travel Retail is to acquire 100% of highly regarded North American food & beverage operator Tastes on the Fly.
The French company’s parent Lagardère SA said an agreement was signed today.
Tastes on the Fly, which will be 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.
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.
It has won several FAB Awards hosted by The Moodie Davitt Report and is a multiple finalist in this year’s event due to be held in Bangkok next week (12-13 September).
Lagardère said the acquisition marks a significant step towards Lagardère Travel Retail’s ambition to grow its food service expertise in the region and consolidates its leadership position.
Combining the regional activities of Lagardère Travel Retail and Tastes on the Fly, which is expected to achieve US$180 million in 2023 revenues would create a US$1.5 billion player – the second-largest player in North America’s travel retail and foodservice industry, the French group said.
The completion of this transaction, which remains subject to the usual regulatory approvals and other customary conditions, is expected to take place during the fourth quarter.
Lagardère SA Chairman and Chief Executive Officer Arnaud Lagardère commented: “Following a tremendous activity in the first six months of 2023 especially for Lagardère Travel Retail, I am thrilled to announce a fantastic move in the US for the Group with the acquisition of Tastes on the Fly, a perfect fit for Lagardère Travel Retail Foodservice business line.
“By taking this opportunity, the Lagardère group demonstrates its ambition to accelerate its growth.”
Lagardère Travel Retail Chairman and Chief Executive Officer Dag Rasmussen said: “This acquisition strongly reinforces the presence of Lagardère Travel Retail in the foodservice industry and is in line with our strategy to grow in the three segments of travel retail: duty free & fashion, travel essentials and foodservice. We are very pleased to welcome Tastes on the Fly into our group. Together, we will aim to create a regional leader and break new ground.”
Paradies Lagardère President and Chief Executive Officer Gregg Paradies added: “We are thrilled to be adding the diversified portfolio of Tastes on the Fly to our existing foodservice operations in North America.
“The founders’ unwavering focus on delivering airport passengers a high-quality food offering representing the best of the local dining scene reflects Paradies Lagardère’s commitments and values.
“This acquisition will accelerate our growth and enable us to achieve our goal of becoming one of the largest and best airport foodservice operators in North America.” ✈
FAB EZINE SET TO RETURNThe Moodie Davitt Report is delighted to announce the return of the FAB eZine, a standalone digital magazine dedicated to airport and other travel-related food & beverage views, news, trends, tastes, people, product and principles. Initially quarterly, beginning in Q4 2023, The FAB eZine will devote year-round coverage to the burgeoning airport food & beverage sector, including broader hospitality services such as hotels and lounges.  The FAB eZine will complement the annual Airport Food & Beverage (FAB) Conference & Awards and our already extensive F&B and hospitality coverage on The Moodie Davitt Report.com and in The FAB Newsletter.  Elişa Roche has been appointed Editor-in-Chief, bringing a rare combination of culinary and journalistic excellence and experience to the role. Elişa trained as a chef as part of ‘Jamie’s Kitchen’, a British TV show watched by millions and fronted by celebrity chef Jamie Oliver. She went on to work as Chef de Partie at some of London’s top Michelin-starred kitchens, e.g. Fino (now Barrafina), The Ivy and Bambou. Cooking later turned to food writing and presenting, most recently as overseeing editorial partnerships at Food Matters Live. Elişa was also Host and Producer of award-winning B2B podcast ‘Career Conversations’, encouraging young people into the food & drinks industry. *For editorial enquiries please contact Elişa Roche at Elisa@MoodieDavittReport.com. For advertising please reach out to Martin Moodie at Martin@MoodieDavittReport.com |
