Black Immigrant Daily News
Goddard Enterprises Limited (GEL) has acquired IMC Caribbean Holding Corp., the sole shareholder of International Meal Company Panama, South America.
The successfully completed multimillion-dollar transaction has been managed by GEL subsidiary, Goddard Catering Group (GCG), through Inflight Holdings Cayman Ltd, and was finalised at a cost of US $40million.
This acquisition opens up another strategic gateway for the GEL Group in Central America
IMC Caribbean Holding Corp operates the food and beverage concessions located in Terminals 1 and 2 of the Tocumen International Airport, Panama City located in the Republic of Panama. These concessions include multiple international brands such as Carl’s Jr. and Air Margaritaville and local South American brands such as Viena Pizza y Pasta and Frango Assado.
CEO and Managing Director Goddard Enterprises Limited, Anthony Ali stated, “We are very happy to conclude this acquisition which started mid-year and took time to go through the required regulatory process. This is an acquisition that we have considered for years and we are now proud to welcome the team at the International Meal Company to the GEL Group.
“This acquisition opens up another strategic gateway for the GEL Group in Central America and we are now in an area that acts as a hub for international shipping and travel between North and South America.”
CEO of the Catering Division based in Miami, Paulo Teixiera stated, “The acquisition of IMC Panama fits our strategic plan to diversify our business into other food related businesses that complement our core capabilities. The world of airline catering is evolving. ‘Buy on Board’ continues to be a developing trend and this acquisition creates unique opportunities for us to capitalize on these trends.”
This latest acquisition now brings the number of countries in which GEL operates to 27 in North, South and Central America and the Caribbean.