Temasek and RRJ join HNA Group as investors in gategroup
ZURICH Glattbrugg, July 2, 2018
Investment will further accelerate the successful deployment of gategroup’s strategy
gategroup Holding AG, the world’s largest provider of airline catering and retail on board, announced today that Temasek and RRJ Capital have joined HNA Group as investors in gategroup.
Temasek is a global investment company headquartered in Singapore, with a US$197 billion portfolio as of March 31, 2017. Temasek is a recognized, long-term investor focused in Asia, with an impressive shareholder’s return track record. RRJ Capital is an Asian investment firm focused on private equity investments in China and South-East Asia with nearly US$11 billion assets under management.
Temasek and RRJ Capital have subscribed to a five-year mandatory exchangeable bond which, upon conversion, will result in up to 49% of the share capital of gategroup. Richard Ong, founder, Chairman and CEO of the RRJ Group, will join gategroup’s Board of Directors.
Adam Tan, Chairman of gategroup, said: “We are very pleased that accomplished, long-term focused global investors like Temasek and RRJ Capital recognize the value in gategroup today as well as its future growth potential. We look forward to working alongside them and gategroup’s world-class management team to accelerate the company’s growth strategy.”
Xavier Rossinyol, CEO of gategroup, said: “We look forward to the investment expertise, financial strength and growth track record that Temasek and RRJ Capital bring to gategroup, complementing the ongoing extraordinary contributions of HNA. Our Board of Directors will be further strengthened with their experience as we continue to develop our Gateway 2020 strategy, notably in support of our ambitions in the Asia-Pacific region.”
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. We provide passengers with superior culinary and retail experiences, leveraging our innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, we 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 60 countries/territories across all continents. In 2017, gategroup reached CHF 4.6 billion in revenues and approximately 43,000 employees worldwide. For further information, please visit www.gategroup.com
HNA Group is a world-leading company focused on civil aviation, tourism, logistics, technology, financial services and others, with headquarters in Hainan Province, China. HNA Group’s mission is to forge connections around the world by improving the movement of people, goods and capital and it is committed to being one of the world’s top companies that strengthen ties between East and the West.
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore.
Supported by its network of international offices, Temasek owns a S$275 billion (US$197b) portfolio as at 31 March 2017, with significant exposure to Singapore and the rest of Asia, and growing exposure to companies in the Americas and Europe. Its investment strategy allows it to capture opportunities across the sectors in which it invests, which help bring about a better, smarter and more connected world. Temasek has offices in Singapore; and London in Europe; New York, San Francisco, Washington DC, São Paulo and Mexico City in the Americas; Beijing and Shanghai in China; Mumbai in India; and Hanoi in Vietnam. For more information on Temasek, please visit www.temasek.com.sg
With a total AUM of close to US$11 billion, RRJ Capital is an Asian investment firm which focuses on private equity investments in China and South-East Asia. The firm was founded in March 2011 and currently has a team of 30 based out of offices in Hong Kong and Singapore. The firm pursues an investment strategy in companies predominantly in Asia, with a focus on growth capital and state-owned enterprises investments. The firm closed its first fund in June 2011 with commitments of US$2.3 billion, its second fund with commitments of US$3.6 billion in April 2013 and most recently, its third fund with commitments of US$4.5 billion in September 2015.
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.