Autogrill acquires 55% of Cisim Food (Cirio Group)

Friday, May 17, 2002 - 00:00

Milano , 17 May 2002 - Autogrill S.p.A. and the Panificio Moderno company of the Cirio-Del Monte Group have reached an agreement for Autogrill to acquire a 55% shareholding in Cisim Food, the company that provides food & beverage services in the Rome airports of Ciampino and Fiumicino under a concession granted by Aeroporti di Roma (AdR). Cisim Food reported net sales of approximately 25 million euro in 2001 (27 million euro in 2000). The agreement is the first step in the two Groups’ plans to strengthen their business ties.
The value of the Autogrill investment has been determined on the basis of an assessment valuing the company’s capital, including liabilities, at 13.8 million euro. The acquisition is part of a broader project – which also leverages Autogrill’s expertise as an operator in US airports – to develop a range of food & beverage services and brands that puts Fiumicino at the forefront of European airports.