Goddard Enterprises Limited (GEL) has announced the successful completion of the multi-million dollar acquisition of the IMC Caribbean Holding Corp., the sole shareholder of International Meal Company Panama, S.A.
This company operates the food and beverage concessions in Terminals 1 and 2 of the Tocumen International Airport in Panama City. These concessions include multiple international brands such as Carl’s Jr. and Air Margaritaville and local South American brands Viena Pizza y Pasta and Frango Assado.
The transaction has been managed by GEL subsidiary, Goddard Catering Group (GCG), through Inflight Holdings Cayman Ltd, and was finalised at a cost of US$40 million.
Anthony Ali, CEO and Managing Director Goddard Enterprises Limited stated: “We are very happy to conclude this acquisition which started mid-year and took time to go through the required regulatory process. This is an acquisition that we have considered for years and we are now proud to welcome the team at the International Meal Company to the GEL Group.
“This acquisition opens up another strategic gateway for the GEL Group in Central America and we are now in an area that acts as a hub for international shipping and travel between North and South America” he added.
Paulo Teixiera, CEO of the Catering Division based in Miami stated “The acquisition of IMC Panama fits our strategic plan to diversify our business into other food related businesses that complement our core capabilities. The world of airline catering is evolving. ‘Buy on Board’ continues to be a developing trend and this acquisition creates unique opportunities for us to capitalize on these trends.”
The deal now brings to 27, the number of countries in which GEL operates in North, South and Central America and the Caribbean. (IMC1)
Source link : https://barbadostoday.bb/2022/12/23/goddards-taps-into-south-america/amp/
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Publish date : 2022-12-23 03:00:00
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