Texas Pacific Group, the US private equity firm, has completed its purchase of Gate Gourmet, the world's second-largest inflight meals provider, taking over its loans for $403m (€393m) after nine months of exclusive negotiations with its bankrupt owner, Swissair.

Price was one element of the protracted negotiations for the company, which SwissAir bought for $780m in 1999. Another element was the granting of warrants, which would represent a stake in Gate Gourmet's future.