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Major acquisition announced by Sodexo

16 November 2017

International provider of food, beverage, merchandise and hospitality services Centreplate has been acquired by Sodexo for $675m, the company announced yesterday.

Centreplate supplies its services to sports, convention centres and entertainment facilities in the UK, US, Canada and Spain.

Purchased from Olympus Partners, the company is the fourth largest operator by revenue in the US sports and leisure sector.

It has been a regular provider for major national and international sports events, as well as at 36 US Presidential Inaugural Balls and a variety of conventions.

It recorded revenues of $998m in the 12 months up to June 2017, exceeding Sodexo's figures for its sports and leisure market activities, which were euro 903m in its 2016 fiscal year.

Sodexo therefore states that the purchase of Centreplate "substantially strengthens" its position in the market, particularly in North America.

The acquisition is additionally another step in Sodexo's drive to to grow its stadia and cultural destination portfolio and further strengthens its global presence in the sports and leisure market.

Subject to the completion of "customary regulatory approvals", the company expects the deal to be closed by the end of this year.

Centreplate chief executive officer (CEO) Chris Verros will lead the new combined business in the US, while the company's European operations will be integrated into the Sodexo Sports & Leisure division.

Sodexo vice-president of the Group Executive Committee and Sports & Leisure Worldwide CEO Pierre Henry described the acquisition as "another step in our long-term strategy to become a leading player in every market in which we are present.

"Centreplate is an ideal partner with highly professional, dedicated teams who bring a wealth of industry expertise," he said.

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