Secures new funding from an experienced investor consortium to support ongoing operations and strategic growth opportunities.
NEW YORK – OTG, the hospitality group transforming the airport dining experience across the country, announced that it has launched a series of initiatives to position the business for long-term growth and stability. The company is working collaboratively with a private investor consortium led by funds managed by Oaktree Capital Management, L.P. and Centerbridge Partners, L.P., to effectuate a transaction, under which the Investor Consortium will acquire OTG. The Investor Consortium also includes Sculptor Capital L.P., CPPIB Credit Investments III Inc., and Oak Hill Advisors, L.P.
At closing of the transaction, the Investor Consortium intends to name Tom Fricke as Chairman of the Board of Directors and interim CEO. Mr. Fricke is an operating executive with over 30 years of experience leading transformational change at businesses in the consumer products and retail sectors. Founder Rick Blatstein has stepped down from his role as CEO, and in the interim, OTG will be led by Mr. Fricke and the existing management team, including Scott Little, Chief Financial Officer, Christopher Redd, General Counsel, and Jim Mesterharm, who has been appointed Chief Transition Officer.
Rick Blatstein stated: “I’d like to thank all of the dedicated Crewmembers of OTG, suppliers, business partners, airlines, airport authorities and everyone who helped the company become what it is today. I look forward to seeing what OTG does next.”
The Investor Consortium has extensive experience managing companies across the transportation, aviation, hospitality, and infrastructure markets, including airports in North America and Europe, as well as decades of experience investing in hospitality, ports, railroads, and food and beverage. The Consortium is also supported by advisors including Dave Barger, co-founder and former CEO of JetBlue; Declan Collier, former CEO of the Dublin Airport Authority and the London City Airport; and Anthony Coscia, former Chairman of the Board of Commissioners of the Port Authority of New York and New Jersey. To help advance the company’s growth plan, the Investor Consortium will provide the company with new financing to support continued innovation, ongoing airport infrastructure investment, and geographic expansion. The Investor Consortium first partnered with OTG in October 2021 to provide OTG with capital to fuel its growth.
“We believe in the long-term success of OTG and given our group’s significant resources and extensive experience investing in the transportation, food and beverage, and infrastructure sectors, we are the ideal partner to support the Company in its next phase of growth,” said Emmett McCann, Managing Director and Co-Portfolio Manager of Oaktree’s Transportation Infrastructure business, on behalf of the Investor Consortium. “OTG represents a critical piece of infrastructure across 11 of the world’s busiest airports, and our group is committed to working closely with the team to expand OTG’s geographic footprint, drive technological innovation, and position the business for long-term success.”
“As we emerge from a period of disruption across the aviation industry, now is the opportune moment for OTG to supercharge its strategic plan and transform the business to capitalize on tailwinds across the sector,” said Scott Little. “The Investor Consortium brings significant resources, new capital investment, and experience across transportation and infrastructure, and the group’s continued support of the business underscores their confidence in our growth proposition. We look forward to working closely with our investors as we continue elevating the airport dining experience for travelers across North America.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.