H.I.G. Capital Completes Sale of Tastes on the Fly
SAN FRANCISCO – November 13, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $59 billion of capital under management, is pleased to announce the sale of its portfolio company Tastes on the Fly (“Tastes on the Fly” or the “Company”) to Paradies Lagardère, the North American travel retail division of the Lagardère Group, a publicly traded company on the French stock exchange. Terms of the transaction were not disclosed.
Founded in 1999, Tastes on the Fly is an award-winning operator of airport food and beverage concessions across North America. With a diversified portfolio that spans both proprietary and licensed concepts, Tastes on the Fly is a best-in-class operator across major airports including San Francisco, Boston Logan, Denver, New York JFK, and Vancouver.
H.I.G. acquired Tastes on the Fly in July 2017 in partnership with its founders. Since H.I.G.’s acquisition, the Company has completed a number of strategic initiatives and investments, and as a result has doubled revenue, expanded at existing and new airports to operate 25 concepts across five airports, optimized purchasing, and improved operating efficiencies.
“H.I.G. has been a tremendous partner to Tastes on the Fly, helping us execute on our shared growth vision despite an incredibly turbulent time in the air travel industry,” said Michael Levine, Executive Chairman and Co-founder of Tastes on the Fly.
Edie Ames, CEO of Tastes on the Fly, remarked, “H.I.G.’s support and expertise were instrumental in helping not only to successfully navigate through the COVID-19 pandemic, but expand the Company’s footprint and offerings while achieving record levels of performance and scale.”
Elliot Maluth, Managing Director at H.I.G., said, “When we invested in Tastes on the Fly, we were excited to partner with an entrepreneurial organization that elevated airport dining by providing authentic, local experiences. We are proud of the Company’s achievements and outstanding growth, especially during one of the most challenging times in recent air travel industry history.”
William Blair & Company acted as financial advisor to Tastes on the Fly and Kirkland & Ellis acted as legal counsel to H.I.G. and Tastes on the Fly in connection with the transaction.
About Tastes on the Fly
Tastes on the Fly is a leading boutique operator of airport food and beverage concessions across North America. Tastes on the Fly operates locations in major North American airports including San Francisco, Boston Logan, Denver, New York JFK, and Vancouver. The Company owns a diversified portfolio of proprietary brands, including Napa Farms Market, Berkshire Farms Market, and Klein’s Deli, and also licenses concepts from well-known local brands, including Modern Market, Bobby Van’s Steakhouse, Lark Creek Grill, SF Giants Clubhouse, and Mustards Grill. Since its founding in 1999, the Company has offered airport travelers a high-quality experience by bringing local flavors, including the communities’ top chefs and local food brands, into the airport setting. For more information, please visit www.tastesonthefly.com.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $59 billion of capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $52 billion. For more information, please refer to the H.I.G. website at www.hig.com.