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Report: French catering group Elior aims to raise up to €2B from Areas sale

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Report: French catering group Elior aims to raise up to €2B from Areas sale

Elior Group SA is aiming for potential buyers to submit their bids for its Areas unit by the end of January, Reuters reported, citing a source with knowledge of the matter.

The France-based caterer is looking to generate €1.5 billion to €2 billion from the sale of the railway and motorway catering business, the source told the news outlet. The source added that about 10 private equity funds, including Carlyle Group LP, KKR & Co., Lone Star and Blackstone Group LP, are planning to submit bids for the unit.

Italian caterer Autogrill SpA is also looking to purchase Areas, according to a second source, which added that French company Lagardère SCA opted to back out of its planned bid in December 2018.

Elior has tapped Morgan Stanley and French banks BNP Paribas and Credit Agricole CIB to manage the sale process, the source told Reuters.