Acquisition of Tastes on the Fly, the Award-Winning North American Airport Dining Operator
Paradies Lagardère announced today that its parent company, Lagardère Travel Retail, has signed an agreement to acquire award-winning airport restaurateur Tastes on the Fly. The completion of this transaction is subject to a number of conditions including regulatory approval and third-party consents and is expected to close during the fourth quarter of 2023.
This acquisition represents the continued growth of Paradies Lagardère’s dining footprint in North America and further strengthens its reputation as an expert in this line of business. After completion of the transaction, Paradies Lagardère will become the second-largest operator in the North American airport travel retail and restaurant industry with operations in more than 90 airports, and overall annual sales exceeding $1.5 billion.
Tastes on the Fly will bring its recognized expertise in operating 25 concepts across five major airports, including San Francisco, Denver, New York’s JFK, Boston, and Vancouver.
The alignment in operations, culinary expertise, customer innovations, and creative designs will offer an exceptional restaurateur with more than 100 brand partners and proprietary concepts ranging from full service to fast casual and quick serve. The combined brand portfolio represents a vast and attractive array of brands, including Starbucks, Chick-fil-A, P.F. Chang’s, Vino Volo, Beercode, Berkshire Farms Market, Mercantile Provisions, Napa Farms Market, Bobby Van’s Steakhouse, San Francisco Giants Clubhouse, and much more.
The experienced and talented Tastes on the Fly management team led by Executive Chairman and Co-founder Michael Levine, CEO Edie Ames, and CFO Luke Torres will remain at the helm of the company, facilitating its successful integration.
Gregg Paradies, President and CEO of Paradies Lagardère said:We are thrilled to be adding the diversified portfolio of Tastes on the Fly to our existing F&B operations in North America. The founders’ unwavering focus on delivering airport passengers a high-quality food offering representing the best of the local dining scene reflects Paradies Lagardère’s commitments and values. This acquisition will accelerate our growth and enable us to achieve our goal of becoming one of the largest and best airport restaurant operators in North America.
Commenting on this announcement, Dag Rasmussen, Chairman and CEO of Lagardère Travel Retail added:This acquisition strongly reinforces the presence of Lagardère Travel Retail in the Foodservice industry and is in line with our strategy to grow in the three segments of Travel Retail: Duty Free & Fashion, Travel Essentials and Foodservice. We are very pleased to welcome Tastes on the Fly into our group. Together, we will aim to create a regional leader and break new ground.
Michael Levine, Executive Chairman and Co-founder of Tastes on the Fly, concluded:We are delighted to be joining forces with the Paradies Lagardère team. I personally have known Gregg since we got started in the airport F&B world over 20 years ago and have always admired his company’s commitment to delivering outstanding passenger service on all levels, which matches Tastes on the Fly’s guest-first culture and DNA. We are excited to embark on new opportunities with the Paradies Lagardère team in this next chapter of Tastes on the Fly’s growth.
This article was originally published by Lagardère Travel Retail.
