Mergers & Acquisitions In The News
Elior Group, the French-based multinational catering and foodservice company, is in talks with European private equity firm PAI Partners about selling Areas, its concession catering subsidiary. Areas offers concession catering services to customers across airports, railways, motorways, and city and leisure domains in 13 countries globally. In December last year, Reuters reported that the French catering group planned to raise €1 billion ($1.13 billion) through the sale of Areas. PAI Partners is competing with American investment firm Lone Star and Swiss airline caterer Gategroup.
Pentair has completed its acquisition of Aquion for $160 million in cash, subject to customary post-closing adjustments. Headquartered outside Chicago, with approximately 170 employees, Aquion supplies water conditioners, water filters, drinking-water purifiers, ozone and ultraviolet disinfection systems, reverse osmosis systems and acid neutralizers for the residential and commercial water treatment industry. Acquiring Aquion gives Pentair access to an affiliated dealer network for the residential water treatment business.
Detroit-based contract foodservice provider Continental Services has acquired Sterling Services, a fellow Michigan-based contract feeder. Sterling Services will add corporate dining, micro markets, vending and office coffee to Continental’s portfolio of dining, refreshment services and events brands. It’s the fifth acquisition in the past 18 months for Continental, a portfolio company of New Heritage Capital, a Boston-based private equity firm. Sterling Services’ leadership team and all other employees will join Continental.
Ronnoco Coffee, a St. Louis-based roaster and supplier of coffee and ancillary products, has acquired the Beverage Solutions Group, a coffee equipment master distributor and supplier of sweeteners and creamers to the c-store and foodservice markets. BSG is based in Maynardville, Tenn. It’s Ronnoco’s eighth acquisition since being purchased by Detroit-based Huron Capital in 2012.