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Lufthansa Agrees to Sell LSG Group to AURELIUS Group

Deutsche Lufthansa AG has signed an agreement with the Private equity group AURELIUS for the sale of the remaining LSG Group business. The European LSG Sky Chefs was previously sold to gategroup in 2019.

Deutsche Lufthansa AG Sells LSG Group to Private Equity Group AURELIUS - Courtesy Lufthansa

On Wednesday (April 5, 2023), Lufthansa announced that they have signed an agreement with the private equity group AURELIUS for the sale of the remaining LSG Group business. The European LSG Sky Chefs business was previously sold to gategroup in 2019. The divestment of the catering segment is part of the Lufthansa Group’s strategy to focus on the core airline business. Lufthansa expects the transaction to have a positive impact on the Group’s operating margin (Adjusted EBIT) and capital return (Adjusted ROCE). The transaction is expected to close by Q3 2023, subject to external approvals and internal carve-out activities.

In Wednesday’s announcement, Deutsche Lufthansa AG’s Chief Financial Officer, Remco Steenbergen, said,

“We are pleased to have found the right investor for the LSG Group going forward that also has the full support of the LSG Group management. We are confident that AURELIUS will enable the LSG Group to be well positioned in the years ahead. In turn, it enables us to focus even more on further improving the profitability and capital returns of the Lufthansa Group core business.”

Also commenting on the sale, LSG Group’s CEO, Erdmann Rauer, said,

“This is the beginning of a new chapter for the LSG Group. With AURELIUS, we have found a trustworthy partner who buys into our global strategy, which focuses on the three pillars of airline catering, onboard retail and food commerce. We are excited about what the future holds for our company – especially for our employees – and the many business opportunities we plan to seize. With the support of AURELIUS, we are confident that we will drive decisive change within our industry.”

AURELIUS’ Founding Partner, Dr. Dirk Markus, added,

“This acquisition underlines AURELIUS´ position as a market leader for delivering very complex corporate carve-outs on a global scale. Our operational specialists will support the LSG Group in growing their market-leading position. AURELIUS will work with the LSG Group’s experienced management team to materialize the growth opportunities that are available to the company. We look forward to a close partnership with the LSG Group team and embarking on an exciting journey to becoming an even more successful stand-alone company.”

The transaction includes all classic catering, onboard retail and food commerce activities and brands of the LSG Group, with all 131 LSG SkyChefs Customer Service Centers in the Americas, Emerging Markets and Asia-Pacific regions. Additionally, the carve-out transaction includes the onboard retail expert Retail inMotion (RiM), based in Europe, and SCIS Air Security Services in the U.S. It combines approximately 19,000 employees worldwide and 36 global joint ventures.

Source: Lufthansa


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