SPAIN. PAI Partners has completed its anticipated acquisition of Areas – the world’s third biggest F&B operator – from Elior Group.
As reported, the Paris-based private equity firm made a binding acquisition offer in April, representing an enterprise value of €1,542 million for the F&B operator. The transaction has this week been signed off.
Areas generated €1,832 million in revenue in fiscal year 2017-2018 and employs 23,000 people in 13 countries. Its turnover comes 46% from airports and 32% from motorways, with train stations and other markets making up the rest. The company secured three awards at last week’s FAB Awards.
Areas CEO Oscar Vela commented: “A new era is opened, we face it with great enthusiasm and it should allow us to continue the expansion of our successful business plan. PAI Partners has expressed its will to promote the growth of the company with the aim of leading a global market with great potential for growth.”
Fabrice Fouletier, partner at PAI Partners, added: “Areas is an exceptionally strong platform in the attractive travel catering market, with solid growth potential both in its current and new geographies. [PAI Partners] is completely committed with the current management team to develop the Areas strategic plan.”
PAI Partners was a shareholder in travel retailer The Nuance Group from 2010, before selling its stake to Dufry in 2014 for CHF1.55 billion.
