MSCP completes $330m sale of majority stake in Hojeij Branded Foods to Lagardere

Morgan Stanley Capital Partners (MSCP) said that investment funds managed by it wrapped up sale of its majority stake in Hojeij Branded Foods (HBF), a North American airport restaurant company, to Lagardere Travel Retail for $330 million.

The majority stake in Hojeij Branded Foods was acquired from its founders by MSCP in July 2015 in a transaction that valued the airport restaurant company at $155 million.

Regynald Washington, CEO of Hojeij Branded Foods, said: “MSCP has been a great partner to HBF, supporting us not only with additional growth capital but also with the thought leadership and creativity necessary to help us achieve our financial goals in a sustainable way. We look forward to building upon this platform in the years to come with our new partners.”

MSCP said its investment in Hojeij Branded Foods back then provided it an opportunity to invest in an airport food and beverage operator that was quickly gaining share within an attractive sector benefiting from secular tailwinds.

Also during MSCP’s ownership, the number of airports, restaurant locations, and EBITDA of the airport restaurant company more than doubled.

Hojeij Branded Foods also acquired Vino Volo, a wine bar operator, adding a proprietary concept to the former’s portfolio of over 35 restaurant brands and concepts.

Adam Shaw – Managing Director of MSCP said: “We were attracted to HBF given the management team’s demonstrable track record of market share gains within the growing airport F&B industry.

“Over the course of our investment period, HBF, led by Regynald Washington, successfully assembled a top management team, entered numerous new airports and geographies and completed the acquisition of Vino Volo, creating a truly scaled airport operator.”

The Hojeij Branded Foods transaction was signed by MSCP and Lagardere Travel Retail was made in August 2018. For Lagardere Travel Retail, the controlling stake in Hojeij Branded Foods will enable it to strengthen its position as a premier food service operator in the region.