REG - SSP Group PLC - Acquisition of Midfield in the US

SSPAnnouncement

04/05/2023 07:00

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RNS Number : 3406Y  SSP Group PLC  04 May 2023

LEI: 213800QGNIWTXFMENJ24

 

4 May 2023

SSP GROUP PLC

SSP expands its presence in North America with acquisition of the Midfield
concessions business

 

SSP Group plc ("SSP" or "the Group"), a leading operator of restaurants, bars,
cafes and other food and beverage outlets in travel locations across 35
countries, is pleased to announce it is further expanding its presence across
North America by adding 40 new units at seven airports, including four new
locations, through the acquisition of the concessions business of Midfield
Concession Enterprise Inc. ("MCE").

The acquisition is an important step in SSP's strategy to accelerate its
growth in North America and will give SSP a presence in over 30 of the 80
largest airports in the USA, including for the first time at Detroit
Metropolitan Wayne County, Denver International, Philadelphia International
and Cleveland Hopkins International. The deal will also expand SSP's existing
presence at Minneapolis St Paul International, San Francisco International and
Newark Liberty International.

The acquisition is expected to complete in late Summer, subject to all
necessary approvals, and will further the North American team's strategy of
developing a diverse portfolio of outlets at large, medium, and small
airports. In total, it is expected to contribute an additional c. $100m to
revenues in our North America business, on an annualised basis.

Founded in 2002, MCE is an award-winning and minority-owned concessions
company, operating a portfolio of brands consistent with SSP's focus in North
America on bringing local restaurants to the airport, which reflect the
culinary landscape of the region. In addition, the business we are acquiring
includes a collection of boutique brands developed by MCE, which address a
specific set of passenger needs, as well as featuring national and
international brands with widespread recognition.

Commenting on the acquisition, Patrick Coveney, Group CEO of SSP Group plc,
said, "We are delighted to be expanding our presence in North America with
entry into four new airports and expansion in a further three through this
acquisition. The Midfield business is a strong strategic fit for SSP and is
highly complementary to our existing business given the makeup of the brand
portfolio and its focus on enhancing the passenger experience. We look forward
to welcoming the team and their clients to SSP."

CEO of SSP America, Michael Svagdis commented, "SSP America is well positioned
to pursue ongoing strategic growth, given our investment in developing a
talented team of food travel experts who are passionate about bringing a
'taste of place' to airports. This acquisition is the latest step in our
efforts to expand our presence at a diverse mix of airports across North
America. We are truly looking forward to working with the Midfield team during
this transition."

CEO of MCE, Andrea Hachem concluded, "Since our founding at Detroit
Metropolitan Wayne County International Airport in 2002, we have remained
focused on steady growth, a 'wow' customer service programme, and a commitment
to operational excellence. Our success would not have been possible without
the dedication of our employees who shared our belief that if we welcomed
passengers into our restaurants like we were welcoming them into our home, we
would succeed. The SSP America team has been a great partner throughout this
process, and we're pleased the two companies understand how important it is to
bring a regional flavour to the airport in order to achieve a world-class
passenger experience."

 

CONTACTS

Investor and analyst enquiries

Sarah John, Corporate Affairs Director, SSP Group plc

Sarah Roff, Group Head of Investor Relations, SSP Group plc

On 4 May 2023: +44 (0) 7736 089218

Thereafter: +44 (0) 203 714 5251

E-mail: sarah.john@ssp-intl.com (mailto:sarah.john@ssp-intl.com) /
sarah.roff@ssp-intl.com (mailto:sarah.roff@ssp-intl.com)

 

Media enquiries

Rob Greening / Nick Hayns / Elizabeth Kittle

Powerscourt

+44 (0) 207 250 1446

E-mail: ssp@powerscourt-group.com (mailto:ssp@powerscourt-group.com)

 

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. We are present in 35 countries around the world and
have a portfolio of more than 550 international, national and local
brands.

 

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