August 2007

Close Brothers advised Alpha Airports Group, the aviation support services company, on the recommended mandatory cash offer by Autogrill, a leading provider of food, beverage and retail services for travellers. The transaction, at a 58.3% premium to the pre offer period share price, valued the Company’s issued share capital at £ 194 million and represented an enterprise value of approximately £250m.

Alpha Airports is an aviation support services company, providing catering and retailing services to airlines and airports globally. Its Alpha Airline Services division offers catering logistics, inflight catering, bonded stores, management services, inflight retail management services and the onboard sale of food, beverages and gifts for over 100 airlines in 12 countries. Its Alpha Airports Services division offers retailing and catering services at 47 airports in 13 countries, including the operation of specialist, tax and duty free stores, and the provision of restaurant, café and bar services.

 

 

Autogrill (www.autogrill.com) is the world’s biggest provider of food & beverage and retail services for travellers. With sales of around € 4 billion in 2006, it is present in 34 countries, with over 4,800 points of sale in over 1000 locations, and 51,000 employees serving over 890 million customers every year. Autogrill operates mainly in airports, along motorways and railway stations. Autogrill is listed on the Milan Stock Exchange; its equity capitalization as of 3 September 2007 was € 3.9 billion.

Alpha Airports (www.alpha-group.com) is one of the world’s leading aviation support companies, providing retail and catering services for airlines and airports. Alpha has staff in excess of 6,500, who service over 100 airlines and 81 airports worldwide and operate from over 200 outlets in 17 countries across five continents. For the year ended 31 January 2007, Alpha Airports reported turnover of £ 561.5 million (2006: £ 550.9 million) and profit before tax (pre exceptional items) of £ 16.0 million (2006: £ 18.5 million).

Eidos Partners (www.eidospartners.com) based in Milan, Italy, is an independent investment bank focused on the design, definition and realization of mergers, acquisitions and disposals of companies, on quotations on the stock exchange and on corporate financial restructurings.  Eidos Partners’ mission is to provide the highest-quality financial and strategic advice to Italian companies and to other international companies and entities operating in Italy. Eidos Partners enjoys outstanding access to companies and investors throughout the world as a result of its relationship with the Close Brothers Group.

 


Transaction Type
M&A - UK "Rule 3"
Transaction

Transaction Value
£ 194 million

Industry
Support Services


David Bezem

Managing Director
Tel. +44 20 7655 3199
david.bezem@closebrothers.com

Henry Wells
Managing Director
Tel. +44 20 7655 3706
henry.wells@closebrothers.com

Paul O'Donnell
Associate Director
Tel. +44 20 7655 3218
paul.odonnell@closebrothers.com


(Liaison with Close Brothers'
Support Service Team)



Gaspar Santonja
Associate Partner
Tel. +39 02 8597 9244
gaspar.santonja@eidospartners.com

Luisa Sambuco
Analyst
Tel. +39 02 8597 9230
luisa.sambuco@eidospartners.com