- Definitive agreement signed with consortium formed by Japanese food and catering players Kobe Bussan and GOURMET KINEYA
- The sale follows the swift carve-out and successful development of LSG Asia-Pacific into a regional champion across locations in Hong Kong, New Zealand, South Korea, Thailand, Canada and Micronesia
Luxembourg, March 31, 2026 – AURELIUS has entered into a definitive agreement for the disposal of LSG Asia-Pacific (“LSG APAC”) to a Japanese consortium comprising Kobe Bussan Co., Ltd. and GOURMET KINEYA Co., Ltd.. The transaction marks the successful end of the joint journey of AURELIUS and LSG APAC.
AURELIUS acquired LSG APAC as part of the broader acquisition of LSG Group from Deutsche Lufthansa in 2023. The Group’s APAC operations encompass key markets across Hong Kong, New Zealand, South Korea, Thailand, Canada and Micronesia, and include a number of joint ventures across the region.
From the start, AURELIUS deployed its cross-functional WaterRise operations team, working closely with LSG APAC in building standalone structures, driving an operational ramp-up and jointly executing commercial and operational improvement initiatives across multiple jurisdictions.
In the process, LSG APAC was transformed into a fully independent regional champion, achieving significant organic growth as well as margins above pre-pandemic levels, and delivering a strong overall operational performance.
Janno Gröne, Senior Managing Director at AURELIUS WaterRise, says: “We are particularly proud of the close collaboration and excellent teamwork between AURELIUS WaterRise and LSG APAC throughout this journey. We would like to sincerely thank the LSG team for their outstanding dedication and hard work, as well as the company’s customers for their trust and loyalty.”
“The investment in LSG APAC as part of the wider LSG Group, including LSG Sky Chefs, has been a great success for AURELIUS. I am proud of what was achieved in such a short timeframe. Executing a full carve-out from Lufthansa across multiple jurisdictions while simultaneously managing a post-pandemic recovery is no mean feat, and all parties involved delivered at the highest level,” comments Fabian Steger, Managing Director at AURELIUS Funds IV and V.
“AURELIUS gave us the tools, support but also the autonomy to complete the carve-out from Lufthansa and improve our performance beyond pre-pandemic levels. Today, LSG APAC is one of the region’s leading aviation caterers, and we are looking forward to the next chapter under new ownership”, states Hing Kai Cheung, Group CEO of LSG APAC.
AURELIUS would like to extend its sincere thanks to all parties involved, in particular the LSG APAC leadership team, Hing Kai Cheung (Group CEO), Jason Li (Group CCO), Colin Gater (Group CFO), and all Managing Directors, for their continued support and invaluable contribution throughout the ownership period.
The transaction is expected to close in Q3 2026, subject to the receipt of required regulatory approvals and other customary closing conditions.
AURELIUS was advised by Bank of America (M&A), BakerMcKenzie (Legal), PwC (Financial and Tax), Roland Berger (Commercial) and Haver & Mailänder (Antitrust).
AURELIUS is a global private equity investor, distinguished and widely recognised for its operational approach. It focuses on private markets, in particular Private Equity and Private Debt. Its key investment platforms include AURELIUS Opportunities V, AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, especially expanding its global footprint, and today employs more than 400 professionals in nine offices spanning Europe and North America.
AURELIUS is a renowned specialist for complex investments with operational improvement potential such as carve-outs, platform build-ups or succession solutions as well as bespoke financing solutions. To date, AURELIUS has completed more than 300 transactions, and has built a strong track record of delivering attractive returns to its investors. Its approach is characterised by its uncompromising focus on operational excellence and an unrivalled ability to efficiently execute highly complex transactions.
More info: www.aurelius-group.com
AURELIUS media contact:
Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7785 722 191