Autogrill Group acquires full ownership of the Spanish Procace (motorway restaurant services)

Friday, February 5, 1999

Milano , 05 February 1999 - The Autogrill Group is strengthening its position in Spain: its Spanish subsidiary Autogrill España announced today that it had raised its stake in the Procace motorway restaurant company from 50% to 100% by buying out the shareholding of Cepsa, Spain's secondlargest oil company.
The transaction is worth 1.1 billion pesetas, or 6.6 million euros and approximately 13 billion lire.
Procace runs a total of 15 Autogrill restaurants and bars on Spain's autopistas (toll roads) and autovias (freeways). Autogrill España directly controls another 29 outlets: the 1998 chain revenues of the 44 restaurants and bars totalled approximately 90 billion lire, for a 34% share of the motorway restaurant market.