gategroup Holding has announced that Temasek and RRJ Capital have joined HNA Group as investors.
Temasek is a global investment company headquartered in Singapore, while RRJ Capital is an Asian investment firm focused on private equity investments in China and south-east Asia with nearly US$11 billion assets under management.
Temasek and RRJ Capital have subscribed to a five-year mandatory exchangeable bond which, upon conversion, will result in up to 49 per cent of the share capital of gategroup.
Adam Tan, chairman of gategroup, said: “We are very pleased that accomplished, long-term focused global investors like Temasek and RRJ Capital recognise the value in gategroup today as well as its future growth potential.
“We look forward to working alongside them and gategroup’s world-class management team to accelerate the company’s growth strategy.”
Richard Ong, founder, chairman and chief executive of the RRJ Group, will join gategroup’s board.
Xavier Rossinyol, chief executive of gategroup, said: “We look forward to the investment expertise, financial strength and growth track record that Temasek and RRJ Capital bring to gategroup, complementing the ongoing extraordinary contributions of HNA.
“Our board of directors will be further strengthened with their experience as we continue to develop our Gateway 2020 strategy, notably in support of our ambitions in the Asia-Pacific region.”
gategroup is the world’s largest provider of airline catering and retail on board.