Last checked at 23 Apr 2019 12:17
23 April 2019
SSP completes the purchase of 49% stake in Indian joint venture
SSP Group plc, a leading operator of food and beverage outlets in travel locations worldwide, has completed the planned acquisition of its 49% stake in Travel Food Services Private Limited ("TFS"), one of India's largest travel food companies.
In line with the terms of the acquisition originally announced in October 2016, SSP agreed to create the joint venture with K Hospitality Corp, a leading player in the F&B industry in India, and acquire a 49% stake in two stages. The acquisition of the initial 33% stake completed in March 2017, and today's announcement confirms the completion of the second stage of the agreement, to acquire a further 16% stake.
The acquisition provided an entry point for the Group into the Indian market and is in line with the Group's strategy as set out at the IPO, which included expansion into new markets which offer the opportunity for value-creating growth. TFS has performed well since the onset of the partnership, and the combination of SSP's international expertise in the travel sector and TFS' strong local presence continue to provide an excellent platform for future growth in the Indian travel market.
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Further information:
Sarah John
Investor Relations Director SSP
+ 44 (0)7736 089218
sarah.john@ssp-intl.com
Business and Financial media:
Peter Ogden / Lisa Kavanagh
Powerscourt
+44 (0)20 7250 1446
ssp@powerscourt-group.com
Trade media:
Clare Williams
Templemere PR
+44 (0)1306 735574
clare@templemerepr.co.uk
NOTES TO EDITORS
About SSP
SSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. SSP has more than 37,000 employees and serves approximately one and a half million customers every day.
SSP operates an extensive portfolio of more than 500 international, national, local and own brands in more than 30 countries around the world. The group was owned by the private equity business EQT until 2014 when it floated at the London Stock Exchange at a share price of £2.10. Since then, the share price has more than tripled.
www.foodtravelexperts.com
About TFS
TFS is the leading Indian player in the travel retail segment and operates approximately 300 F&B outlets in India including at seven major airports in both domestic and international terminals, railway stations and highways. It also runs a number of airport lounges. With an extensive portfolio of more than 80 in-house and partner brands, TFS serves more than 75 million customers annually.
About K Hospitality Corp
Founded in 1972, K Hospitality Corp is one of the largest conglomerates in the F&B sector in India, with a presence across multiple verticals including hospitality, fine dining, catering, food services and travel retail. The group operates F & B outlets in 22 cities and has a family of around 6000 employees.