Business
Acquisition of Midfield in the US
Acquisition of Midfield in the US.
About this update from Ssp Group Plc
[{"type":"text","content":"\n\n\nLEI: 213800QGNIWTXFMENJ24\n \n4 May 2023\nSSP GROUP PLC\nSSP expands its presence in North America with acquisition of the Midfield concessions business\n \nSSP 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\").\nThe 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.\nThe 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.\nFounded 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.\nCommenting 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 l...