Paradies Lagardère parent company Lagardère Travel Retail has signed an agreement to acquire 100% of North American airport dining operator Tastes on the Fly. The deal is expected to close during Q4 of 2023.
Tastes on the Fly will be integrated into the group’s Paradies Lagardère arm, which operates restaurants and F&B concepts in the US and Canada.
The acquisition represents the continued growth of Paradies Lagardère’s dining footprint in the region, and consolidates its position within the F&B sector.
On completion of the transaction, Paradies Lagardère will become the second-largest operator within the North American airport travel retail and restaurant industry, with operations in more than 90 airports, and overall annual sales exceeding US$1.5 billion.
Tastes on the Fly operates 25 concepts across five major airport locations, notably San Francisco, Denver, New York JFK, Boston Logan and Vancouver International.
The Tastes on the Fly management team, led by Executive Chairman and Co-Founder Michael Levine, CEO Edie Ames, and CFO Luke Torres, will remain at the company with a view to facilitating its successful integration.
A new force in airport F&B
Paradies Lagardère President and CEO Gregg Paradies noted: “We are thrilled to be adding the diversified portfolio of Tastes on the Fly to our existing F&B operations in North America.
“The founders’ unwavering focus on delivering airport passengers a high-quality food offering representing the best of the local dining scene reflects Paradies Lagardère’s commitments and values. This acquisition will accelerate our growth and enable us to achieve our goal of becoming one of the largest and best airport restaurant operators in North America.”
Lagardère Travel Retail Chairman and CEO Dag Rasmussen added: “This acquisition strongly reinforces the presence of Lagardère Travel Retail in the food service industry and is in line with our strategy to grow in the three segments of travel retail: Duty Free & Fashion, Travel Essentials and Foodservice.
“We are very pleased to welcome Tastes on the Fly into our group. Together, we will aim to create a regional leader and break new ground.”
Tastes on the Fly Executive Chairman and Co-Founder Michael Levine concluded: “We are delighted to be joining forces with the Paradies Lagardère team.
“I personally have known Gregg since we got started in the airport F&B world over 20 years ago, and have always admired his company’s commitment to delivering outstanding passenger service on all levels, which matches Tastes on the Fly’s guest-first culture and DNA.
“We are excited to embark on new opportunities with the Paradies Lagardère team in this next chapter of Tastes on the Fly’s growth.”