In a bid to beef up its presence in sports arenas and a variety of other large venues, Sodexo will acquire foodservice vendor Centerplate for $675 million.
Sodexo says the deal, which is expected to be finalized by the end of this year, will more than double its global footprint.
Centerplate, which serves as the foodservice operator for a number for stadiums, convention halls and other event spaces, brought in revenues of $998 million for the year ending June 2017, according to Sodexo. Centerplate was purchased five years ago by Olympus Partners, a private-equity company.
"This acquisition is another step in our long-term strategy to become a leading player in every market in which we are present,” Pierre Henry, CEO of Sodexo’s sports and leisure worldwide division, said in a statement. “Centerplate is an ideal partner with highly professional, dedicated teams who bring a wealth of industry expertise.”