Areas, a global leader in travel dining and retail, has reached an agreement with Delaware North to acquire its United States-based airport food, beverage, and retail business, Travel Hospitality Services (THS). The transaction is subject to regulatory approval in the U.S. and other customary closing conditions.<\/p>\n
As part of the agreement, Areas will take over the management of 237 THS locations across 22 U.S. airports, supported by a team of 4,000 employees and generating over $500 million in annual revenue.<\/p>\n
This acquisition marks a major milestone in Areas\u2019 growth strategy in the U.S. With the integration of THS, Areas will increase its presence in the country and become a leading travel hospitality operator in the U.S. Upon the closing of the transaction, the combined company will operate a total of 369 locations in 27 airports and 12 travel plazas, and strengthen its workforce in the U.S. with a team of over 6,000 people.<\/p>\n
On a global scale, Areas will now generate over $3 billion in annual revenue, with 2,200 points of sale and 24,000 employees across 11 countries.<\/p>\n
\u00d3scar Vela<\/strong>,\u00a0CEO of Areas,<\/strong>\u00a0said:\u00a0\u201cThis agreement represents a key step forward in Areas\u2019 U.S. growth strategy. It allows us to increase our business in the country, positions us to be a major player in the U.S., and make the country our largest business unit worldwide.\u201d<\/em><\/p>\n Carlos Bernal, CEO of Areas USA<\/strong>, said:\u00a0\u201cI have the utmost respect and admiration for Delaware North and the Jacobs family, and look forward to welcoming the THS team to Areas as we embark on this exciting new chapter. With our shared commitment to exceptional service and a passion for enhancing the traveler experience, we\u2019re poised to revitalize travel hospitality across the U.S.\u201d<\/em><\/p>\n Delaware North CEOs Jerry Jacobs Jr., Lou Jacobs and Charlie Jacobs\u00a0<\/em><\/strong>said in a joint statement: \u201cWe take immense pride in the work our teams have done in the travel sector, and it was crucial to find the right successor to steward our important relationships and care for our employees and guests. With Areas, we found a great cultural match, backed by an established and notable presence in the industry. Exiting our longstanding U.S. airport hospitality business was a carefully considered decision and will allow us to focus on strategic growth across the remainder of the Delaware North portfolio.\u201d<\/em><\/p>\n BDT & MSD Partners served as lead financial advisor to Delaware North; BofA Securities also provided financial advisory services to the company in connection with the transaction. Hogan Lovells served as lead transaction counsel to Delaware North.<\/p>\n Citigroup Global Markets Europe AG served as lead financial advisor and A&O Shearman served as lead transaction counsel to Areas.<\/p>\n","protected":false},"excerpt":{"rendered":" Areas, a global leader in travel dining and retail, has reached an agreement with Delaware North to acquire its United States-based airport food, beverage, and retail business, Travel Hospitality S","protected":false},"author":35,"featured_media":8211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":[],"yoast_head":"\n