Sodexo, Gaithersburg, Md., signed an agreement to acquire Centerplate, Inc., a Stamford, Conn.-based provider of food and beverage, merchandise and hospitality services for sports facilities, convention centers and entertainment facilities in the United States, UK, Canada and Spain, from Olympus Partners, Stamford, Conn., for $675 million.
This acquisition substantially strengthens Sodexo’s position in the North American market, and brings the group’s sports and leisure business to scale in the region. In the UK, the acquisition supports Sodexo’s strategy to grow its stadia and cultural destination portfolio. The acquisition also positions Sodexo as a leading player in sports and leisure globally, more than doubling its footprint.
Chris Verros, chief executive officer of Centerplate, will lead the new combined business in the United States. Centerplate’s European operations will be integrated into Sodexo’s existing sports and leisure business in the region.
“This acquisition is another step in our long-term strategy to become a leading player in every market in which we are present,” says Pierre Henry, vice president of the group executive committee and CEO sports and leisure worldwide for Sodexo. “Centerplate is an ideal partner with highly professional, dedicated teams who bring a wealth of industry expertise. We look forward to working together with Centerplate to bring exceptional quality-of-life experiences to tens of thousands of fans and spectators around the world.”
"With Sodexo, we share the same vision to deliver a unique and memorable service for our clients and guests through our tailored food and beverage programs, unique hospitality design, rewarding event and retail services,” adds Verros. “Centerplate’s clients will benefit from Sodexo’s global capabilities, solution innovations, other on-site services and geographic reach.”
The acquisition is expected to close by end of 2017.