gategroup completes acquisition of Cara Airline Solutions
gategroup acquired substantially all of the business assets of Cara Airline Solutions on 08-Nov-2010 from Cara Operations Limited, after having met all customary closing conditions. Cara Airline Solutions achieves annual revenues of approximately CHF200 million (EUR149 million) and was obtained on favourable terms. The acquisition achieved important entry points for gategroup's core company, Gate Gourmet, into Canada, where it previously had no presence. While Cara Operations Limited has agreed to allow gategroup to continue using the Cara Airline Solutions name through the transition period, Gate Gourmet is the sole owner and operator of the business. The acquired company now operates as Gate Gourmet Canada Inc, under the leadership of Doug Goeke, who has been appointed as President and Managing Director for the new entity. [more]
gategroup: "We are confident that the combination of Gate Gourmet and Cara Airline Solutions will create beneficial opportunities that would not have existed previously for customers and other stakeholders, while complementing gategroup's existing presence across the Americas," Guy Dubois, CEO. Source: gategroup, 08-Nov-2010.