Elior - comment
Although the price paid has not been made public, the US acquisition is small. The business provides meals to 14,000 private school pupils in New York and New Jersey. Elior's bullish statement about its growth strategy in India is lacking in detail. The company currently provides 50k meals a day in India, and targeting growth in a fast-developing market is no surprise. However, significant acquisitions will need margins in France and the US to continue to recover.