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July 13, 2021

Apollo Group to acquire 51% stake in Lido restaurant chain

Lido founder Gunars Kirsons will hold the remaining 49% stake in the Latvian restaurant chain.

Estonia’s entertainment company Apollo Group is set to acquire a 51% stake in Latvian restaurant chain Lido.

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Baltic News Service reported that Apollo Group will acquire the stake in Lido from Mirrow Institute, a holding of Ivar Vendelin.

Ivar Vendelin is also a shareholder of Apollo Group.

Vendelin said that the deal is a strategic move and combines Lido’s strong brand with Apollo’s existing businesses.

He was quoted by the news agency as saying: “The Lido chain of 17 restaurants and 15 shops is known by every Latvian and also very many Estonians, and this kind of recognition is hard currency.”

Lido founder Gunars Kirsons will hold the remaining 49% stake in the restaurant chain.

The financial details of the deal have not been disclosed by either company.

Completion of the transaction is subject to the approval of Estonian and Latvian competition authorities.

Apollo Group currently owns six KFC fast-food restaurants, four Vapiano restaurants, nine Blender juice bars and three IceCafe ice cream cafes in Estonia.

It also owns 18 Apollo bookstores, ten multiplex movie theatres and three O’Leary’s entertainment centres in the country.

In August 2019, Apollo Group opened its first KFC restaurant in the Latvian capital Riga.

The restaurant was opened at the Akropole shopping center in Riga and features modern self-service kiosks, fresh decor, a new menu and the latest kitchen equipment.

Free Report
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How are consumer tech and delivery trends impacting the Foodservice sector?

Consumers are now accessing foodservice propositions via mobile and online technology at significant levels. This shift comes as a result of permanent lifestyles changes, accelerated by the COVID-19 pandemic. Such changes hold important implications for foodservice operators and brands. GlobalData’s free report on Consumer Tech and Delivery Trends in Foodservice decodes this new landscape and provides actionable insights for operations, delivery, and marketing – offering customer engagement solutions in the foodservice value chain. Download this free report for:
  • Data and insights into current consumer behavior
  • Market outlook for online delivery in foodservice
  • Case studies of brands who are already successfully leveraging these new tech and delivery trends
Understand the consumer and stay on top – download our report now.
by GlobalData
Enter your details here to receive your free Report.

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