Lagardère Travel Retail has completed the acquisition of North American airport foodservice operator Hojeij Branded Foods (HBF) for $330m from investment funds managed by Morgan Stanley Capital Partners (MSCP).
The deal was announced in August, when Lagardère stated that the integration will create a $1.1bn business in the North American travel retail and foodservice industry.
Lagardère will also enter a new phase by reinforcing its presence in North America by adding new retail spaces in airports, as well as seizing growth opportunities across all market segments in the US and Canada.
MSCP managing director Adam Shaw said: “We were attracted to HBF given the management team’s demonstrable track record of market share gains within the growing airport F&B industry.
“Over the course of our investment period, HBF, led by Regynald Washington, successfully assembled a top management team, entered numerous new airports and geographies and completed the acquisition of Vino Volo, creating a truly scaled airport operator.”
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Established in 1996, the Atlanta-headquartered HBF currently operates more than 124 bars and restaurants in 38 airports across the US and Canada.
The company has 40 brand relationships and proprietary concepts across full service, fast casual and quick service segments such as illyCaffè, LongHorn Steakhouse, ChickFil-A, PF Chang’s, Pei Wei and Cat Cora.
In July 2015, MSCP acquired the foodservice company for a transaction value of $155m, and expanded the brands’ presence by increasing the number of airports and restaurant locations.
Under MSCP, HBF also acquired Vino Volo, an airport wine bar chain operating in the US and Canada, as part of MSCP’s strategy to build businesses by collaborating with their founder and owners.