NEW YORK — Private equity firm Harvest Partners has led a $250 million investment in OTG Management, a leading New York-based operator of airport food and beverage concessions. The investment will support OTG’s continued expansion, accelerating the introduction of the Company’s modern, user-friendly offering to new airport locations.
Founded in 1996, OTG operates proprietary restaurant concepts and offers concession management services in which it designs, develops, operates and manages entire terminal concession programs. The Company’s portfolio includes more than 230 restaurant locations at 26 terminals across 11 airports including JFK, LaGuardia and Newark. OTG employs over 4,500 people and is led by the Company’s Founder and CEO, Rick Blatstein.
Jay Hegenbart, Senior Managing Director and Portfolio Manager for HP SCF, said, “Rick and the OTG team are pioneering the evolution of airport food and beverage programs. He is a creative leader, and exactly the type of founder/owner we seek to support with our flexible, non-control private equity investment solutions.”
“We are thrilled to partner with HP SCF to support continued growth at OTG, bringing our unique vision of tech-enhanced hospitality to more travelers,” added Rick Blatstein. “Building a team and maintaining a strong culture is an important part of delivering the ‘OTG Experience.’ Since we had our choice of partners for this investment, we took the same approach when selecting HP SCF.”
“OTG’s strategy puts the Company at the forefront of the hospitality sector, and positions it as a clear leader in airport foodservice,” said Sean Murphy, Principal at HP SCF. “It is no surprise that, as an acknowledgement of the Company’s success, OTG ranked among the World’s 50 Most Innovative Companies in Fast Company Magazine and has received numerous other awards and accolades.”
Through an innovative mix of dining, design and technology, OTG provides travelers across North America with award-winning restaurants created in partnership with more than 50 internationally and regionally acclaimed chefs. Together with the Company’s iPad platform, OTG is demonstrating that the airport experience can be elevated.