In a significant development, renowned US airport food and beverage services provider OTG has revealed its collaboration with a private investor consortium led by Oaktree Capital Management and Centerbridge Partners for an acquisition deal. The Investor Consortium, which also includes Sculptor Capital, CPPIB Credit Investments III, and Oak Hill Advisors, aims to acquire OTG as part of strategic initiatives for long-term growth and stability. The acquisition marks a transformative move for the business, with OTG Founder Rick Blatstein stepping down from his role as CEO. The Investor Consortium, upon completion of the transaction, plans to appoint Tom Fricke, former HMSHost CEO, as Chairman of the Board of Directors and interim CEO. Fricke brings over 30 years of experience in leading transformative change in consumer products and retail sectors.
Expressing his gratitude, Rick Blatstein acknowledged the dedicated OTG team, suppliers, business partners, airlines, and airport authorities for contributing to the company’s success. Blatstein highlighted the significant journey since OTG’s inception in 1996, emphasizing the principles of customer-centricity and the creation of exceptional experiences for travelers, employees, and partners.
While reflecting on the industry’s current state, Blatstein expressed optimism, stating that airport dining is in good health and poised for future enhancements. He commended the collaboration with airlines and airports over the years, fostering creativity and trust to deliver unique experiences.
As part of the acquisition deal, the Investor Consortium, backed by extensive experience in transportation, aviation, hospitality, and infrastructure markets, plans to provide new financing to support OTG’s growth plan. In an internal note to OTG teams, Rick, Justin, and Samantha Blatstein expressed confidence in OTG’s future under new leadership. They noted the company’s incredible journey over the past 28 years and conveyed their belief that the best days for OTG are yet to come.
The acquisition, combined with the expertise of the Investor Consortium, is poised to drive OTG’s strategic plan, facilitating innovation, airport infrastructure investment, and geographic expansion. As the aviation industry emerges from a period of disruption, the partnership aims to position OTG for long-term success and elevate the airport dining experience across North America.