- With this 36.8m$ transaction, Autogrill takes over 16 restaurants
- Approximately 50m$ yearly proceeds expected in 2016
Milan, 22 August, 2016 – Autogrill (Milan: AGL IM) announced that HMSHost, its subsidiary, finalised the takeover of the airport restaurant assets of concessionaire Concession Management Services, Inc. (CMS). The price negotiated by the parties is 36.8m$. The transition of the operations of 16 restaurants – 12 at Los Angeles International Airport, and 4 at McCarran International Airport in Las Vegas – is effective August 20th. Yearly proceeds from such restaurants are expected to total approximately 50m$ in 2016 with an estimated store cash flow of 8m$.
The acquisition serves the Group's strategic goal of continuing to strengthen its leadership in the airport food & beverage sector in North America.
With this takeover, HMSHost, which already operates food & beverage locations in the two airports, will start operating new restaurants such as Panda Express, two Marmalade Café, Rolling Stone Bar, Loteria Grill, BLD (Breakfast Lunch Dinner) and Wolfgang Puck in Los Angeles, as well as Einstein Bros. Bagels, 360 Gourmet Burritos, Baja Fresh and Carl’s Jr. in Las Vegas.
Autogrill announced the signing of the preliminary agreement with CMS for the acquisition on June 21st, 2016.