Press Release

Gate Gourmet Statement Regarding TPG Transaction

Gate Gourmet Chairman and CEO Dave Siegel issued the following statement to company employees on March 1:

"I would like to inform you that TPG has sold its remaining membership interest in the Company to Merrill Lynch, which becomes one of the company's largest members. This is a key milestone in Gate Gourmet’s evolution as the company continues its transition from a single member to a more diversified and balanced ownership structure. With a financial restructuring and organizational realignment behind us, Gate Gourmet is well positioned for success, and we welcome Merrill Lynch's increased ownership stake.

Our various new shareholders have met with management, and are very supportive of our goals and plans. They share management's positive view of Gate Gourmet, and are keen to help management build on our positive momentum.

Today's development has no impact on the day-to-day operation of the company or on the composition of the senior management team, and I remain chairman and CEO. All of us at the senior level remain committed to Gate Gourmet for the long term.

TPG has been extremely supportive over the last few years and I want to thank them for helping to transform Gate Gourmet from a division of a legacy carrier to a highly successful stand-alone company with a strong and positive future."

Founded in 1992, Gate Gourmet is the world's largest independent airline catering, hospitality and logistics company with dual headquarters in Zurich, Switzerland, and Reston, VA, USA. The company has substantially expanded its products and services recently through acquisitions and strategic investments. The portfolio now includes cabin service ware (deSter); comfort/entertainment items (Harmony); packaged food components assembled in central production units (Supplair); design and delivery of brand-linked customer environments (Performa); service staff recruitment and training and crew leasing (Elan); aviation services such as cabin cleaning, aircraft washing and deicing and passenger services (Fernley/IAS); catering security (Gate Safe); business applications (eGate Solutions); and supply chain optimization (partnership with Pourshins).