Global alternative investment firm HIG Capital (HIG) has completed the sale of its portfolio company Tastes on the Fly, to Paradies Lagardère, the North American travel retail division of the Lagardère Group.
Terms of the transaction have not been disclosed.
Founded in 1999, Tastes on the Fly is an operator of airport food and beverage concessions across North America. With a diversified portfolio that spans both proprietary and licensed concepts, Tastes on the Fly has a presence in most major US airports including San Francisco, Boston Logan, Denver, New York JFK, and Vancouver.
HIG acquired Tastes on the Fly in July 2017 in partnership with its founders. Since HIG’s acquisition, the company has completed a number of strategic initiatives and investments, and as a result has doubled revenue, expanded at existing and new airports to operate 25 concepts across five airports, optimised purchasing, and improved operating efficiencies.
William Blair & Company acted as financial advisor to Tastes on the Fly and Kirkland & Ellis acted as legal counsel to HIG and Tastes on the Fly in connection with the transaction.
