Elior Group has received a binding offer from Paris-based private equity firm PAI Partners to acquire Areas, which operates food and beverage concessions in airports as well as motorways, railway stations and other non-traditional venues. The offer represents an enterprise value of €1.54 billion (US$1.72b).
Areas employs 23,000 people in 13 countries and generated €1.83 billion (US$2.04b) in revenue in fiscal 2017-2018.
The transaction is expected to close in summer 2019.
“PAI Partners’ project would enable Areas, which is the world’s third-leading concession caterer, to accelerate growth,” said Philippe Guillemot, CEO of Elior Group. “Following the disposal the Group would focus entirely on its contract catering and services businesses in order to reinforce its leading positions in Europe, and accelerate its development in the United States and India.”