Gategroup Holding, provider of airline catering and onboard retail, has announced that Temasek and RRJ Capital have joined HNA Group as gategroup investors.

Headquartered in Singapore, Temasek is a global investment company with a $197bn portfolio as of 31 March 2017. It is a recognised, long-term investor focused in Asia.

RRJ Capital is an Asian investment firm focused on private equity investments in China and Southeast Asia with nearly $11bn assets under management.

Temasek and RRJ Capital have subscribed to a five-year mandatory exchangeable bond which, upon conversion, will result in up to 49% of the share capital of gategroup. Richard Ong, Founder, Chairman and CEO of the RRJ Group, will join gategroup’s board of directors.

GLOBAL INVESTORS

Adam Tan, Chairman of gategroup, said: “We are very pleased that accomplished, long-term focused global investors like Temasek and RRJ Capital recognise the value in gategroup today as well as its future growth potential. We look forward to working alongside them and gategroup’s world-class management team to accelerate the company’s growth strategy.”

Xavier Rossinyol, CEO of gategroup, commented: “We look forward to the investment expertise, financial strength and growth track record that Temasek and RRJ Capital bring to gategroup, complementing the ongoing extraordinary contributions of HNA.

“Our board of directors will be further strengthened with their experience as we continue to develop our Gateway 2020 strategy, notably in support of our ambitions in the Asia Pacific region.”