LSG Sky Chefs acquires remaining shares in AIRO
Neu-Isenburg In-flight services provider LSG Sky Chefs has acquired the outstanding 46 percent of the shares in AIRO Catering Services Sweden AB (AIRO) from the investment company Oresa Ventures group (Oresa).
AIRO operates four Customer Service Centers in the Baltic States and Eastern Europe: Tallinn (Estonia), Riga (Latvia), Vilnius (Lithuania) and Kiev (Ukraine).
Since 1998, AIRO was a joint venture between LSG Sky Chefs and Oresa. Right from the start, it has been part of Oresas strategy to exit from the business when the investment in AIRO had yielded a profitable return.
"The partnership with Oresa has been of great value for us as it supported LSG Sky Chefs in gaining access to the local networks in Eastern Europe. But during recent years, LSG Sky Chefs know-how about the market has matured enough to the point that we are now able to further develop our presence on a stand-alone basis," says Morten Andreasen, Regional COO Nordic & Eastern Europe/ Middle East, LSG Sky Chefs.
"We are very pleased with the performance of AIRO and our partnership with LSG Sky Chefs during the past 10 years. AIROs success has provided Oresa with an attractive return on our investment in the company and we are proud to have been part of AIRO" says Erik Hallgren, Managing Director of Oresa.
Within the framework of its further strategic development, LSG Sky Chefs is planning to invest more in the fast-growing markets of Eastern Europe, Russia and the other CIS countries over the coming months and years.
Oresa Ventures is a privately held investment company with Swedish roots focusing on private equity investments throughout Central and Eastern Europe.
The LSG Group is the world’s leading provider of end-to-end onboard products and services for the travel industry. It possesses a strong portfolio of independent expert brands: LSG Sky Chefs (catering and hospitality, including lounges), Retail inMotion (onboard retail), SPIRIANT (onboard equipment) and Evertaste (convenience food). The LSG Group is headquartered in Neu-Isenburg, near Frankfurt, Germany. In 2017, its almost 35,000 employees achieved consolidated revenues of EUR 3.2 billion. Additionally, the LSG Group has a rich network of joint ventures and partnerships partners around the globe, employing more than 20,000 staff and generating non-consolidated revenues of EUR 1.3 billion. www.lsg-group.com