Acquisition of Carestel Group by Autogrill
Caretti & Associati and SDM Corporate Finance advised Autogrill
Acquisition of Carestel Group by Autogrill
Sector(s) : Retail & Leisure / Services and B to B
Date : June 2006
Advisor(s) : Caretti & Associati / SDM
Advised : Buy Side
Mid-Capital partners Caretti & Associati and SDM Corporate Finance advised Autogrill
Carestel Group, motorway service restaurants & airport catering, has been sold to Autogrill (Italy).
The transaction involved an outright acquisition of the controlling interest held by the majority shareholders. The agreement also entailed the acquisition of 8,568 bonds of nominal value €1,000 each, for a total of €8,568k, excluding interest.
Subsequently, a cash tender offer at the same conditions for the remaining shares has been made after approval of the prospectus by the CBFA (Commission Bancaire, Financière et des Assurances).
Carestel, which posted sales of €72.9m and Ebitda of €5.3m in 2005, has around 1,100 employees and two operating divisions, Restair and Carestel Motorway Services, running its airport business (65% of sales) and motorway business (35%), respectively. It works in six airports in Belgium, Germany, the UK, France and Switzerland (Brussels, Hamburg, Stuttgart, London City, Basel-Mulhouse-Freiburg and Lille) and in 35 locations on Belgian and Luxembourg motorways (plus a motel). The Group operates its own Carestel brand and license brands such as Pizza Hut, Java and Quick, with which it set up the CaresQuick joint venture.
The operation has enabled Autogrill to accelerate its growth in the European concession food&beverage market and provide a solid platform to improve performance and quality service in the Carestel and Autogrill countries.
With sales of around 3.5b€ in 2005, Autogrill is present in 29 countries, with over 4,500 points of sale in 979 locations, where 51,000 employees serve over 800 million customers every year. The Group operates mainly along motorways, in airports and railway stations.
This deal has been originated by SDM Corporate Finance Group N.V. and Caretti & Associati SpA. Both houses are members of the M&A network Mid-Capital and they advised the buyer Autogrill in this transaction.
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