AURELIUS has agreed to sell LSG Asia-Pacific to a Japanese consortium comprising Kobe Bussan and GOURMET KINEYA, following its acquisition of the business in 2023.

The transaction marks the exit of LSG APAC, which was acquired as part of the broader carve-out of LSG Group from Deutsche Lufthansa, and has since been transformed into an independent regional platform.

Operating across key markets including Hong Kong, South Korea, Thailand, and New Zealand, the business has undergone a significant operational turnaround under AURELIUS’ ownership.

From the outset, AURELIUS deployed its WaterRise operations team to support the carve-out and drive performance improvements across multiple jurisdictions.

The strategy focused on building standalone structures, enhancing commercial capabilities, and executing operational initiatives to strengthen the platform.

The business achieved strong organic growth and improved profitability, with margins exceeding pre-pandemic levels, highlighting the effectiveness of the transformation strategy.

“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,” said Fabian Steger, Managing Director at AURELIUS Funds IV and V.

The transaction is expected to close in Q3 2026, subject to regulatory approvals and customary conditions.

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