Baker McKenzie has advised AURELIUS, a global private equity investor, on the sale of LSG Asia-Pacific ("LSG APAC") to a Japanese consortium comprising Kobe Bussan Co., Ltd. and GOURMET KINEYA Co., Ltd. The sale follows the swift carve-out and successful development of LSG Asia-Pacific into a regional champion with locations in Hong Kong, New Zealand, South Korea, Thailand, Canada and Micronesia. The agreement with the Japanese consortium was signed today.
The transaction is expected to close in the third quarter of 2026, subject to required regulatory approvals and other customary closing conditions.
LSG Group is a leading global integrated airline caterer and provider of onboard retail and has built a strong presence in the growing food commerce industry in recent years. AURELIUS acquired LSG APAC from Deutsche Lufthansa in 2023 as part of the broader takeover of LSG Group (International) and focused from the outset on the development of independent operational structures.
AURELIUS is a global private equity investor known and widely recognized for its outstanding operational approach. AURELIUS focuses on private equity, private debt and real estate. To date, AURELIUS has completed more than 300 transactions and has a long track record of generating attractive returns for its investors. AURELIUS has grown strongly in recent years, in particular through the expansion of its global presence, and now employs more than 400 people at nine locations in Europe and North America.
"This transaction highlights AURELIUS' ability to transform a carved out business into a stand alone regional champion and successfully position it for the next phase of growth. We are grateful for the trust placed in our team throughout this demanding and fast moving process," commented Jakub Lorys, Corporate/M&A Partner in Munich and one of the lead partners of the transaction.
Ash Chandhok Tiwari, Corporate/M&A Partner in London, who co-led the transaction with Jakub Lorys, adds: "The investment in LSG APAC as part of the larger LSG Group has been a great success for our client. Today, LSG APAC is one of the leading aviation caterers in the region and has completely restructured its presence in the Asia-Pacific region."
Legal adviser to Aurelius:
Baker McKenzie:
Lead: Corporate/M&A: Dr. Jakub Lorys (partner, Munich), Ash Chandhok Tiwari (partner, London)
Team: Corporate/M&A: Dr. Tino Marz (partner, Munich), Priya Shah (senior associate, London), Eva Kriechbaumer (counsel, Munich), Nandi Maesela (associate, London), Anna Giulia Klaas (associate, Munich), Adeola Alade (associate, London), Felix Berger (associate, Munich)
Tax: Matthew Legg (partner, London), Taras Varava (senior associate, London), Yasmin Kalhori (associate, London)
Banking & Finance: Matthias Töke (partner, Frankfurt), Kieran Verdano (associate, Frankfurt)
Commercial & Trade: Dr. Robin Haas (counsel, Munich), Lisa Elisaveta Moskalenko (associate, Munich), Helen Griffiths (associate, London)
Employment/Pension: Dr. Felix Diehl (partner, Frankfurt), Dr. Sebastian Pfrang (senior associate, Frankfurt)
IP/IT: Patrick Wilkening (partner, Dusseldorf), Anela Winzig (associate, Frankfurt), Yannick Filoda (associate, Dusseldorf)
Canada: Nancy Hamzo (partner, Toronto), Jacqueline Lacchin (associate, Toronto), Matthew De Lio (associate, Toronto), Justine Johnston (associate, Toronto), Jing Xu (associate, Toronto), Spencer Harrison (associate, Toronto)
China: Nicholas Fong (counsel, Hong Kong), Ken Ng (counsel, Hong Kong), Chelsea Cheung (associate, Hong Kong), Venus Man (senior associate, Hong Kong), Chelsea Liang (associate, Shanghai), Harrods Wong (associate, Hong Kong)
South Korea: Jae Yoon Ahn (associate, Seoul), Young Jin Lee (associate, Seoul), Hankyul Lee (associate, Seoul), Hyunuk Lee (associate, Seoul)
Thailand: Duangkamon Amkaew (partner, Bangkok), Denpoum Pipatcharoenkij (associate, Bangkok), Karnjanick Chutima (associate, Bangkok)
USA: Dieter Schmitz (partner, Chicago), Sarah Swain (partner, San Francisco), Christopher Guldberg (partner, Chicago), Erin Karnig (associate, Chicago), Sesen Hailemichael (associate, San Francisco), Tatenda Makanza (associate, Chicago)
The transaction is expected to close in the third quarter of 2026, subject to required regulatory approvals and other customary closing conditions.
LSG Group is a leading global integrated airline caterer and provider of onboard retail and has built a strong presence in the growing food commerce industry in recent years. AURELIUS acquired LSG APAC from Deutsche Lufthansa in 2023 as part of the broader takeover of LSG Group (International) and focused from the outset on the development of independent operational structures.
AURELIUS is a global private equity investor known and widely recognized for its outstanding operational approach. AURELIUS focuses on private equity, private debt and real estate. To date, AURELIUS has completed more than 300 transactions and has a long track record of generating attractive returns for its investors. AURELIUS has grown strongly in recent years, in particular through the expansion of its global presence, and now employs more than 400 people at nine locations in Europe and North America.
"This transaction highlights AURELIUS' ability to transform a carved out business into a stand alone regional champion and successfully position it for the next phase of growth. We are grateful for the trust placed in our team throughout this demanding and fast moving process," commented Jakub Lorys, Corporate/M&A Partner in Munich and one of the lead partners of the transaction.
Ash Chandhok Tiwari, Corporate/M&A Partner in London, who co-led the transaction with Jakub Lorys, adds: "The investment in LSG APAC as part of the larger LSG Group has been a great success for our client. Today, LSG APAC is one of the leading aviation caterers in the region and has completely restructured its presence in the Asia-Pacific region."
Legal adviser to Aurelius:
Baker McKenzie:
Lead: Corporate/M&A: Dr. Jakub Lorys (partner, Munich), Ash Chandhok Tiwari (partner, London)
Team: Corporate/M&A: Dr. Tino Marz (partner, Munich), Priya Shah (senior associate, London), Eva Kriechbaumer (counsel, Munich), Nandi Maesela (associate, London), Anna Giulia Klaas (associate, Munich), Adeola Alade (associate, London), Felix Berger (associate, Munich)
Tax: Matthew Legg (partner, London), Taras Varava (senior associate, London), Yasmin Kalhori (associate, London)
Banking & Finance: Matthias Töke (partner, Frankfurt), Kieran Verdano (associate, Frankfurt)
Commercial & Trade: Dr. Robin Haas (counsel, Munich), Lisa Elisaveta Moskalenko (associate, Munich), Helen Griffiths (associate, London)
Employment/Pension: Dr. Felix Diehl (partner, Frankfurt), Dr. Sebastian Pfrang (senior associate, Frankfurt)
IP/IT: Patrick Wilkening (partner, Dusseldorf), Anela Winzig (associate, Frankfurt), Yannick Filoda (associate, Dusseldorf)
Canada: Nancy Hamzo (partner, Toronto), Jacqueline Lacchin (associate, Toronto), Matthew De Lio (associate, Toronto), Justine Johnston (associate, Toronto), Jing Xu (associate, Toronto), Spencer Harrison (associate, Toronto)
China: Nicholas Fong (counsel, Hong Kong), Ken Ng (counsel, Hong Kong), Chelsea Cheung (associate, Hong Kong), Venus Man (senior associate, Hong Kong), Chelsea Liang (associate, Shanghai), Harrods Wong (associate, Hong Kong)
South Korea: Jae Yoon Ahn (associate, Seoul), Young Jin Lee (associate, Seoul), Hankyul Lee (associate, Seoul), Hyunuk Lee (associate, Seoul)
Thailand: Duangkamon Amkaew (partner, Bangkok), Denpoum Pipatcharoenkij (associate, Bangkok), Karnjanick Chutima (associate, Bangkok)
USA: Dieter Schmitz (partner, Chicago), Sarah Swain (partner, San Francisco), Christopher Guldberg (partner, Chicago), Erin Karnig (associate, Chicago), Sesen Hailemichael (associate, San Francisco), Tatenda Makanza (associate, Chicago)
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