The transaction marks the culmination of a period of independent growth for TRG Concessions under the ownership of Apollo-managed funds, it says.
Over the past three years, TRG Concessions has strengthened its presence throughout UK airports by renewing contracts, refurbishing existing premises, securing new space and franchise brand partners and successfully taking on the operations of airport Wagamama restaurants.
It will continue to operate the Wagamama brand in UK airports under a franchise agreement, as well as work on expansion opportunities for the Wagamama brand in European airports.
In June, TRG Concessions debuted its new grab-and-go concept Wagamama ‘on the move’ at Heathrow Airport Terminal 5. The new concept has been developed to supply a travel-focused version of the Wagamama offer that combines the brand’s signature flavours with a faster, more flexible format.
“We are very grateful for the support and investment we have received from Apollo and the wider TRG team,” says Jonathan Knight, CEO of TRG Concessions.
“We are delighted to be joining Areas and excited about what the next chapter will bring. Our commitment to our airport and rail partners remains unchanged, and they can expect the same high standards, strong relationships and focus on delivery that have always been at the heart of our business.”
As part of the Areas group, TRG Concessions will gain access to a wider portfolio of international franchise brands, allowing it to continue its expansion and enhance its offering to UK travel hub partners and customers, it says.
The transaction is expected to complete by 26 July.