HNA sells 100% of gategroup
ZURICH Glattbrugg, March 29, 2019
- RRJ Capital to become sole shareholder
- Temasek to remain invested in gategroup through a mandatory exchangeable bond
gategroup Holding AG, the world’s largest provider of airline catering and retail on board, announced today that RRJ Capital has agreed to purchase all outstanding shares in gategroup from HNA Group. Upon completion of the transaction, RRJ Capital will become gategroup’s sole shareholder and Temasek will remain invested in gategroup through a mandatory exchangeable bond.
The completion of the transaction is expected to occur in April.
Richard Ong, Founder and Chairman of RRJ Capital and member of gategroup’s Board of Directors said: “Today marks another milestone for RRJ Capital and Temasek and is a natural next step following from our initial investment in the company in 2018. Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. We look forward to supporting their growth aspirations.”
Xavier Rossinyol, CEO of gategroup said: “We are absolutely delighted to work with RRJ Capital and Temasek going forward as they contribute their expertise, network and growth track record to gategroup. We are pleased that two reputed global investors have recognized the value in gategroup and our future growth potential. gategroup has made significant progress thanks to the excellent support of the HNA Group leadership team and the guidance of Chairman Adam Tan. We are grateful for their support in progressing our Gateway 2020 strategy which we defined in 2015 and has allowed us to achieve exceptional performance for the fourth consecutive year, including an all-time high in revenue and EBITDA in 2018,” he continued.
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. gategroup provides passengers with superior culinary and retail experiences, leveraging innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, gategroup deliver operational excellence through the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in over 60 countries/territories across all continents. In 2018, gategroup reached CHF 4.9 billion in revenues generated by approximately 43,000 employees worldwide. For further information, please visit www.gategroup.com
About RRJ Capital
RRJ Capital is an investment firm which focuses on long term private equity investments. RRJ manages approximately US$ 11 billion of funds, with portfolio companies in Asia, Australia, Europe and USA. RRJ is based in Singapore and Hong Kong.
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore. Supported by its network of international offices, Temasek owns a S$308 billion (€191b) portfolio as at 31 March 2018, with significant exposure to Singapore and the rest of Asia. Temasek’s investment activities are guided by four investment themes and the long-term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Temasek’s investment strategy allows it to capture opportunities across the sectors in which it invest that help bring about a better, smarter and more connected world.
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