Paradies Lagardère, part of Lagardère Group, has reached an agreement with HIG Capital to acquire airport restaurateur Tastes on the Fly.
Established in 1999, Tastes on the Fly operates food and beverage concessions at San Francisco, Boston Logan, Denver, New York JFK and Vancouver airports.
It also licenses concepts from well-known local brands such as Bobby Van’s Steakhouse, Lark Creek Grill, SF Giants Clubhouse and Mustards Grill.
Tastes on the Fly was acquired by HIG in 2017. Since then, it has expanded its presence across the existing and new airports to operate 25 concepts across five airports.
HIG managing director Elliot Maluth said: “When we invested in Tastes on the Fly, we were excited to partner with an entrepreneurial organisation that elevated airport dining by providing authentic, local experiences.
“We are proud of the company’s achievements and outstanding growth, especially during one of the most challenging times in recent air travel industry history.”
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The companies have not disclosed the financial details of the deal.
According to a report by Forbes, the deal is expected to help Paradies expand its presence in the region and position it as the second-largest operator in the North American airport travel retail and restaurant industry.
Tastes on the Fly CEO Edie Ames said: “HIG’s support and expertise were instrumental in helping not only to successfully navigate through the Covid-19 pandemic but expand the Company’s footprint and offerings while achieving record levels of performance and scale.”
For this deal, William Blair & Company acted as financial advisor to Tastes on the Fly. Kirkland & Ellis acted as legal counsel for both Tastes on the Fly and HIG.