Getting Sporty - Sodexo In Major Transfer Deal

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Sodexo and Olympus Partners has announced (Nov 15) that Sodexo has signed an agreement to acquire Centerplate, Inc. a provider of food and beverage, merchandise and hospitality services at sports facilities, convention centres and entertainment facilities in the United States, the United Kingdom, Canada and Spain.

US $675 million is the quoted acquisition price. Centerplate’s last twelve month revenues to June 2017 were US $998 million. (For fiscal year 2016, Sodexho's revenues for the Sports & Leisure segment were Euro 903 million.)

Centerplate, Inc. is the fourth largest operator by revenues in the United States Sports & Leisure market, the largest market globally. Centerplate serves more than 116 million beer guzzlers to corporate diners across its portfolio, including 14 Super Bowls, 36 US Presidential Inaugural Balls, All-Star and Championship games for professional football, baseball, basketball, hockey, soccer, collegiate athletics and many of North America’s largest conventions.

The acquisition doubles Sodexo's Sports & Leisure footprint. In the UK, the acquisition supports the company's strategy to grow its stadia and event portfolio. Chris Verros, CEO of Centerplate, will lead the new combined business in the United States. Centerplate’s European operations will be integrated into Sodexo’s existing Sports & Leisure business in the region.

The acquisition is subject to customary regulatory approvals and is expected to be closed by the end of the year.

Main Picture: Newcastle FC stadium is already in Sodexo's portfolio. Below: Just what Sodexo has bought in Centerplate

Article written by Brian Shillibeer

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