Creative Host Plans to Acquire Closely Held GladCo
San Diego, July 28 (Bloomberg) -- Creative Host Services Inc. said it plans to buy closely held GladCo Enterprises Inc., gaining 20 food concessions at Pittsburgh International Airport and three other airports in the eastern U.S.
Creative, based in San Diego, didn't immediately announce terms. The company also said it plans to end acquisition talks with Caffe Diva Group Ltd., a San Diego-based espresso-coffee retailer. In March, Creative announced plans to buy Caffe Diva.
GladCo, with $10.5 million in annual revenue, manages concessions in Atlantic City International, New York's Albany International and MBS International in Freeland, Michigan.
The company also operates several national brands, such as Schlotzky's Deli and Samuel Adams Brew Pub, including its own signature facilities. It has plans for two store locations, with annual sales forecast at more than $3.7 million, in Newark International Airport in New Jersey.
Creative provides in-flight catering to national airlines at nine of its airports, and operates food, news and other concessions.
The shares of Creative closed unchanged at 5 3/8 in Nasdaq Stock Market trading. They have more than quadrupled in the past year.
Jul/28/2000 16:32 ET
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