Switzerland-based food manufacturer Orior is set to buy a 35% stake in Germany-based travel catering specialist Casualfood.
Casualfood operates small-scale food islands, mobile carts and brand concepts that offer prepared to-go food such as sandwiches, salads, muesli and smoothies for travellers.
The travel catering company currently operates 58 food islands, with the majority at airports.
This deal allows Orior to enter the foodservice to-go market, as well as strengthen its foodservice competencies and create new business opportunities.
Orior CEO Daniel Lutz said: “This acquisition brings us in direct contact with the consumer. That gives us exceptional opportunities to detect and latch on food trends with far more speed and agility than before and then funnel that knowledge into new brand and product concepts.
“At the same time Casualfood strengthens our competencies in the foodservice business, expands our presence on the European continent and enhances our innovation power.
“Casualfood’s management team is also a perfect match for Orior, given its pioneering spirit, its unconventional hands-on philosophy and profound entrepreneurial mindset.”
As part of the agreement, Orior will have the opportunity to completely acquire the Casualfood business by increasing its interest in several stages over the next few years.
Orior will finance the deal with freely available cash and existing lines of credit. It will also hold a majority interest in Casualfood.
Following the transaction, Casualfood will operate as an independent business by joining the Orior international segment.
Casualfood founders Stefan Weber and Michael Weigel will continue with the company as its shareholders and managing directors.