Gate Gourmet Completes deSter/Supplair Acquisition
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RESTON, Va., Sept. 19 / -- Gate Gourmet announced today that it has completed the purchase of deSter Holding BV of Amsterdam, the world's top provider of in-flight hospitality items and owner of Supplair, the innovative supplier of packaged airline meals.
The deal with Stockholm based EQT, a private equity fund that bought deSter in 1999, was announced in July and reviewed by competition authorities in various countries without comment. Terms were not disclosed.
"This transaction, along with other recent investments, helps to move Gate Gourmet beyond the model of a traditional airline caterer," said Chairman and CEO David Siegel. "Now, in addition to creating menus, cooking and delivering the food for our customers, we also can design and deliver the cups, cutlery and many other contact and passenger comfort items that help an airline distinguish its brand. We are offering a full array of best-in-class products and services across the entire in-flight value chain."
deSter, which had sales of euro 235 million in 2006, has operations on three continents and over 350 airlines as customers. Its Supplair subsidiary, which assembles branded and non-branded food components off-airport, introduces a new, and competing, option to Gate Gourmet's traditional catering product.
"Airlines have told us they want flexibility and choice. This transaction demonstrates our commitment to an evolving business line responsive to our customers' needs," Siegel said.
deSter was founded in 1936 and employs approximately 1,000 employees. It operates assembly units and warehouses throughout Europe and the U.S. and has production facilities in Hoogstraten, Belgium, and Prachinburi, Thailand.
Founded in 1992, Gate Gourmet is the world's largest independent airline catering and logistics company with dual headquarters in Zurich, Switzerland, and Reston, VA, USA. Revenue in 2006 was 2.4 billion Swiss francs. With approximately 20,000 employees worldwide, Gate Gourmet produces an average of 200 million meals annually, serving customers from 93 flight kitchens in 25 different countries and five continents. Visit our Web site at http://www.gategourmet.com/.
Source: Gate Gourmet
CONTACT:John Bronson, +1-703-964-2362, jbronson@gategourmet.com, or Christina Ulosevich, +1-703-964-2357, culosevich@gategourmet.com, both of Gate Gourmet
Web site: http://www.gategourmet.com/
