BOYANOV & Co. Advised Aurelius Group on the Acquisition of Lufthansa’s Catering Operations in Bulgaria
November, 2023 - Sofia, Bulgaria
BOYANOV & Co. advised Aurelius Group on the Bulgarian legal aspects in the acquisition of the Bulgarian part of the Lufthansa Group catering business. The Star Alliance carrier initially sold LSG Group’s European business activities to Gategroup in 2019 and then struck a preliminary agreement to sell the remainder of LSG to Aurelius in April this year.
The sale, formally completed on 31 October, comprises all the group’s classic catering activities along with its on-board retail and food commerce businesses. It includes a total of around 19,000 employees worldwide and 36 joint ventures across the globe. LSG generated revenues of just under €2 billion ($2.2 billion) in 2022. No purchase price has been disclosed for the deal.
While retaining its name, the LSG Group (including the brands LSG Sky Chefs and Retail inMotion) now becomes a standalone company part of the investment portfolio of the private equity company Aurelius Group. LSG Group noted that it will continue pursuing its three-pillar strategy, which calls for growth in its main areas of business, namely classic airline catering, onboard retail, and food commerce with the full backing and support of its new owner. The change in ownership constitutes a symbolic new beginning for the LSG Group after more than five decades as part of the Lufthansa Group.
The dedicated team of BOYANOV & Co. consisted of Mihail Vishanin, Counsel, and Nedyalka Novakova, Senior Associate.
