gategroup completes acquisition of Cara Airline Solutions

Cara Airline Solutions achieves annual revenues of approximately CHF 200 million and was obtained on favorable terms. Furthermore, the acquisition achieved important entry points for gategroup's core company Gate Gourmet into Canada, where it previously had no presence.

"We are confident that the combination of Gate Gourmet and Cara Airline Solutions will create beneficial opportunities that would not have existed previously for customers and other stakeholders, while complementing gategroup's existing presence across the Americas," said Guy Dubois, gategroup Chief Executive Officer.

With the addition of Cara Airline Solutions' 10 facilities at some of Canada's busiest and largest airports, including Toronto, Montreal and Vancouver, Gate Gourmet now globally serves approximately 275 million passengers annually from 107 airline catering kitchens. While Cara Operations Limited has agreed to allow gategroup to continue using the Cara Airline Solutions name through the transition period, Gate Gourmet is the sole owner and operator of the business.

The acquired company now operates as Gate Gourmet Canada Inc., under the leadership of Doug Goeke, who has been appointed as President and Managing Director for the new entity. Goeke most recently served as Chief Financial Officer for Gate Gourmet's North America region. Goeke reports to Andrew Gibson, Group Senior Vice President and President of gategroup's North America region.

Gibson acknowledged contributions to date by Cara Airline Solutions employees and the strong future anticipated for Gate Gourmet Canada. "This gives us the opportunity to take the best of both companies and improve our operations," he said. "We'll get to meet and work with new customers, strengthen existing relationships, and offer more innovative, world-class services -- for which Cara Airline Solutions and Gate Gourmet are well known and respected."