Autogrill (Milano: AGL IM), through its German subsidiary Autogrill Deutschland Gmbh, and Boulangerie Neuhauser S.a.S., a company of the Soufflet Group, announced they entered into exclusive negotiations to transfer 100% ownership in Le CroBag Gmbh & Co. KG and F.F.N. GmbH, which operate food & beverage activities under the Le CroBag brand
in Germany, Austria and Poland.
The Le CroBag network currently comprises 124 stores, both directly managed and licensed, with overall revenue exceeding €80 million in 2016. Soufflet Group has launched an information and consultation process with the relevant employees’ representatives and stakeholders with respect to the transaction, which remains subject to customary approvals by the antitrust authorities and signing of the appropriate acquisition agreements.
“Germany is one of the key markets for food & beverage in Europe, where Autogrill intends to strengthen its presence. The acquisition of Le CroBag is also an opportunity to enter into the main European railways channel, worth more than €600 million, with a development potential also in other European countries” – said Gianmario Tondato Da Ruos, Autogrill Group CEO. “This transaction is consistent with our aim to strengthen and focus our activities in the European strategic channels and countries through targeted acquisitions coupled with new contract wins’’ he added.
Autogrill today operates in Germany at airports, motorways and shopping malls with 55 stores overall, with total revenue of about €100 million in 2016. “The Soufflet Group has acquired Le CroBag, in 2014, as part of the Neuhauser Group. We welcome the opportunity to transfer Le CroBag to an international food and beverage retail expert
company ”, said Mr. Jean Michel Soufflet, Chairman of the Board of Soufflet Group.