gategroup completes acquisition of LSG Group
gategroup has completed the acquisition of the European operations of LSG Group from Lufthansa.
The transaction comprises the LSG inflight catering operations in Germany, Switzerland, the Netherlands, Belgium, Italy and Spain as well as the global equipment business trading under the Spiriant brand.
It also includes the European convenience food operations trading under the Evertaste brand, the Ringeltaube retail outlets as well as its European train catering and lounge operations.
“We are thrilled to have reached this important milestone,” said gategroup, chief executive, Xavier Rossinyol.
“The substantial economic challenges brought about by the Covid-19 pandemic required a high degree of flexibility, partnership and trust of all parties involved.
“We are pleased to have found a viable path forward allowing us to complete the transaction at terms acceptable to both, Lufthansa and gategroup.”
With the acquisition of LSG Europe, gategroup reinforces the core of its business, benefitting employees, customers and shareholders alike.
Rossinyol continued: “Together with our new colleagues, we will find the best way to navigate through these challenging times for our industry and emerge from the crisis with renewed strength.
“We warmly welcome our new colleagues to gategroup. We look forward to working with them to jointly create the future of exciting culinary and retail experiences for our customers and their passengers.”
In 2019, the acquired LSG Europe assets generated revenues in an amount of €1.1 billion and employed 7,750 colleagues.
This closing completes the transaction, which was announced on December 9th last year, following its approval by the EU Commission.