Singapore-based foodservice giant SATS has acquired UK airline food specialist Monty’s Bakehouse for GBP10.1m (US$12.9m).
In an announcement yesterday (2 March) to the Singapore Exchange, on which it is listed, SATS said it had bought 100% of the shares of Monty’s from existing shareholders.
SATS, which is backed by Singapore state-owned investment firm Temasek, operates ten cargo terminals in Asia, supplying catering services to airlines but also services including cleaning, security and aviation laundry.
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By GlobalDataMonty’s Bakehouse, based in Surrey, near London, was established in 2003 and provides sandwiches, baked snacks and desserts to airlines. It has offices in the United Arab Emirates and manufacturing facilities in Europe, the Middle East and Asia.
It has become a wholly-owned subsidiary of SATS Investments, which is in turn wholly owned by SATS.
SATS said the purchase will be funded through internal resources and paid in cash.
It said it intends to bring products and capabilities from Monty’s Bakehouse to its customers in Asia in order to meet the growing demand for buy-on-board meals and snacks.
