(AOF) – Lagardère SA has announced the signing by Lagardère Travel Retail of an agreement to acquire Tastes on the Fly. She will join Paradies Lagardère, the North American division of Lagardère Travel Retail. Tastes on the Fly operates restaurants and Food & Beverage services in the United States and Canada at 25 locations in five major airports.
The combination of the activities of Lagardère Travel Retail and Tastes on the Fly, which should achieve a turnover of 180 million dollars in 2023, would allow the creation of a player generating 1.5 billion dollars in annual revenue, i.e. the second largest player in the North American Travel Retail and Foodservice industry.
The closing of this transaction, which remains subject to the approval of the competent competition authorities and the satisfaction of other customary conditions, is expected to take place during the fourth quarter of 2023.
Commenting on this transaction, Dag Rasmussen, CEO of Lagardère Travel Retail said: “This acquisition strongly strengthens Lagardère Travel Retail’s presence in the Foodservice segment. It is in line with our growth strategy in the three segments of Travel Retail: Duty Free & Fashion, Travel Essentials and Foodservice”.
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