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AEG To Sell 49% Of AEG Facilities

LOS ANGELES (VIP-NEWS) — Compass Group North America have purchased a 49% interest in AEG Facilities, a subsidiary of AEG that operates venues across five continents.

The company said in a statement that "This marks a further step forward in the partnership between the two companies, which began in 1999 with a food service partnership at STAPLES Center in Los Angeles."

"AEG is an exciting, forward-thinking company behind state-of-the-art facilities around the world," said Gary R. Green, President and Chief Executive Officer, Compass Group North America. "We are thrilled to build upon the success of our relationship and continue to grow together domestically and internationally."

"From day one, AEG and many of our venues have had a long and successful relationship with Levy and Compass," said Timothy J. Leiweke, president & CEO, AEG. "We have relied on and trusted Compass as the food and beverage providers in many of our largest properties and in turn, they have had a first-hand opportunity to see how AEG Facilities operates and provides services to the most successful venues in the world."

Based in Charlotte NC, foodservice and support services management Compass Group North America has $11 billion in revenues in 2011, the company said in a statement.