Compass Group North America Purchases 49% Interest In AEG Facilities
Compass Group North America, part of the world’s largest food service provider, has purchased a 49% interest in AEG Facilities, a subsidiary of AEG and an operator of arenas and stadiums. The deal expands a 12-year partnership between Compass-owned Levy Restaurants and AEG that began in '99 at Staples Center. Levy has operated concessions and premium dining at the L.A. arena since it opened 12 years ago. Overall, Levy has food deals at 42 major league arenas and stadiums, nine NASCAR tracks and two horse racing facilities, Arlington Park and Churchill Downs. Those deals extend to Barclays Center, the new NBA arena in Brooklyn, and the new Marlins Ballpark in Miami, two facilities opening in '12. Compass Group North America, whose headquarters are in Charlotte, generated $11B in revenue in '11. Compass Group PLC, its publicly-traded parent based in London, produced more than $25B in revenue this year from accounts spread over 50 countries. Compass bought 49% of Levy Restaurants in '00. Six years later, Compass purchased the remaining 51% of the Chicago-based concessions firm. AEG Facilities has management, operations support, and booking and marketing deals at 11 major league buildings among its 51 sports accounts worldwide. AEG co-owns the MLS Dynamo, which is opening its new $80M stadium in May. Globally, AEG Facilities is developing arenas in Brazil, China and Sweden, and is a consultant for the VTB Bank sports complex in Moscow, a $1.5B project. The Compass-AEG deal was announced last Wednesday.