Elior Gets “Firm Offer” For Concession Division
Elior Group, the French-based multinational catering and foodservice company, has received a firm offer of €1.542 billion from private equity firm PAI Partners for its ‘Areas’ concession catering business. Elior expects to close the sale during this summer, and added it would use the proceeds of the deal to cut its debt.
The Paris-based firm, which competes with Sodexo and Compass, has embarked on an overhaul of its business. In December last year, Reuters reported that the French catering group planned to raise €1 billion through the sale of Areas, which offers concession catering services to customers across airports, railways, motorways, and city and leisure domains in 13 countries.