SATS acquires Monty’s Bakehouse
Today, Singapore-based food solutions and gateway services provider SATS Ltd. (SATS) announced that it has acquired Monty’s Bakehouse as a wholly-owned subsidiary for a purchase consideration of approximately S$48.8 million (US$34.8 million) as of February 29.
By combining the culinary expertise of SATS with Monty’s' product and packaging innovation, SATS intends to enhance its food solutions for aviation customers and support growth of global customer segments.
Together the companies will create an innovation center in Singapore as a test bed for inflight catering, buy-on-board retail and adjacent markets. SATS will also work with Monty's Bakehouse to develop sustainable food packaging solutions that reduce cost, waste, and logistical complexities using minimal plastics, to fulfill its 2030 goal of adopting sustainable food packaging.
UK-based Monty’s is pioneering sustainable cabin packaging and recycling as a member of the Airline Sustainability Forum and representative on the Advisory Committee for the Global Tourism Plastics Initiative led by the UN Environment Programme & UNWTO in collaboration with the Ellen MacArthur Foundation.
Matt Crane, Chief Executive Officer of Monty’s Bakehouse said in today’s statement: “Joining a multibillion-dollar market leader like SATS presents an exciting opportunity to accelerate the growth of Monty’s Bakehouse as well as support the growth of SATS in Asia.”
“Monty's Bakehouse is a progressive innovator in aviation catering,” added SATS President and Chief Executive Officer Alex Hungate. “With this transaction, SATS will now bring Monty’s product and packaging capabilities to airlines across Asia.”