Sodexo has agreed to acquire foodservice provider Centerplate from Olympus Partners for $675 million. The purchase strengthens Sodexo's U.S. presence.
Centerplate provides food and hospitality to major sports, entertainment and convention venues. It has previously done work for the Super Bowl and Presidential Inagural Balls. Some of Centerplate's other clients include: the NFL's Miami Dolphins Hard Rock Stadium; MLB's San Francisco Giants AT&T Oark and the Jacob Javits Convention Center. Olympus invested in Centerplate in 2012.
For Sodexo, the addition of Centerplate will more than double the company's revenue in its sports and leisure segment, which report around $1 billion in annual revenue. Stamford, Connecticut, Centerplate has about $998 million in annual revenue. Sodexo, located in Paris, is the world's second largest catering company behind only Compass Group.
"This acquisition is another step in our long-term strategy to become a leading player in every market in which we are present. Centerplate is an ideal partner with highly professional, dedicated teams who bring a wealth of industry expertise," says Pierre Henry, the CEO Sodexo sports and leisure worldwide.
Olympus is a middle market private equity firm founded in 1988. The firm invests at least $50 million in businesses across the consumer, business services, healthcare, logistics and industrials sectors.