International on-site foodservice company Sodexo said it signed an agreement to acquire the pastry and catering firm Lenôtre.
Paris-based Sodexo did not disclose the terms of the deal and said the purchase was subject to approval from the French competition authority.
Sodexo said it viewed the acquisition of Lenôtre, which operates pastry shops, a Paris-based culinary school and half a dozen restaurants, including three-Michelin-star Le Pré-Catalan in Paris, as “a unique opportunity to develop its portfolio of prestige activities in France and internationally.”
Patrick Scicard, chairman of Lenôtre’s management board since 1995, will continue to oversee the company and work with his existing team, Sodexo said.
Sodexo employs 380,000 people in 80 countries. In the year ended August 31, 2010, it generated revenue of 15.3 billion euros, about $22 billion U.S., and was operating 34,000 sites, serving 50 million customers a day.