HMSHost Corporation, has acquired all of the assets of FoodBrand LLC, a provider of food and beverage concessions at airports and shopping malls, from Mills Enterprises, Inc. and Panda Express, Inc. for approximately $13.3 million, including assumed liabilities.
Under the terms of the agreement, HMSHost (through its wholly-owned subsidiaries, Host International, Inc. and HMSHost USA, LLC) has acquired contracts at two U.S. airports (Washington Dulles International Airport and Cincinnati/Northern Kentucky International Airport) and nine shopping malls. Generating approximately $66.3 million in sales and more than $3.8 million in consolidated unit cash flow, the FoodBrand contracts encompass more than 80 food and beverage outlets and include a number of well-known brands.
HMSHost President & CEO, Elie W. Maalouf commented, “We are committed to providing a seamless transition for airports and shopping centers as FoodBrand exits the concessions business. Through this transaction Landlords, customers, and FoodBrand employees will be well served, and we gain a solid addition to our operations.”
HMSHost is known for creating customized shopping and dining spaces in travel venues. The company operates in more than 100 airport locations around the globe. HMSHost has annual sales in excess of $2.3 billion and employs more than 34,000 associates worldwide.