RRJ Capital has agreed to purchase all outstanding shares in airline catering and on board retail provider, Gategroup from HNA Group. Upon completion of the transaction (expected to occur in April) RRJ Capital will become Gategroup’s sole shareholder and Temasek will remain invested in Gategroup through a mandatory exchangeable bond.
Richard Ong, chairman of RRJ Capital and a member of Gategroup’s board of directors said, “This marks another milestone for RRJ Capital and Temasek and is a natural next step following from our initial investment in the company in 2018. Over the past three years Gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. We look forward to supporting their growth aspirations.”
Xavier Rossinyol, CEO of Gategroup added, “We are pleased that two reputed global investors have recognized the value in Gategroup and our future growth potential. Gategroup has made significant progress thanks to the excellent support of the HNA Group leadership team and the guidance of chairman Adam Tan. We are grateful for their support in progressing our Gateway 2020 strategy which we defined in 2015 and has allowed us to achieve exceptional performance for the fourth consecutive year, including an all-time high in revenue and EBITDA in 2018.”