Viad Corp. Sells Dining Services Biz Of Restaura To ARAMARK

Phoenix-based Viad Corp., the parent company of food service provider Restaura Inc., is selling the company's dining services business to Philadelphia-based ARAMARK Services Inc. for an undisclosed sum.

Viad will retain the leisure and entertainment group, under a new name, of Restaura. The leisure and entertainment group includes concessions and catering operations at Phoenix's America West Arena and Bank One Ballpark, as well as the lodging facilities at Glacier National Park in Montana. Viad owns a stake in Bank One Ballpark.

Viad Executive Director of Communications Nancy Dedera told AB the deal involves about 300 accounts nationwide.

The deal is expected to close in late January, 1999, and is subject to regulatory approval.

Restaura has a total managed volume of contracted business of $180 million a year.

"This is a strategic acquisition for ARAMARK," said the company's chairman and CEO, Joseph Neubauer. "Restaura is a well managed company with an excellent client base. They have developed an outstanding team of people who share the same passion as we do for serving their customer needs. We welcome them to the ARAMARK family."

Restaura employs approximately 3,200 people who serve 150 contracts in about 30 states. Their customers are primarily located in the Detroit, St. Louis, Atlanta, Phoenix and Philadelphia markets.

ARAMARK is a $6.4 billion provider of managed services — food and support services, uniform and career apparel, and childcare and early education programs. ARAMARK has over 150,000 employees serving 15 million people at 500,000 locations in 11 countries every day. Like Restaura, ARAMARK also has food service accounts at arenas and stadiums.