Advent and Elior take remaining Dufry shares

Gavin Lipsith

Print Article E-Mail Article E-Mail Author

The two companies, partners in the Sintres company which acquired 75% of Dufry last year, have agreed to split the remaining 25% of the Swiss retailer

Private equity firm Advent International and French catering conglomerate Elior (through its subsidiary Areas) are to acquire the remaining 25% of Dufry through Sintres, the holding group created by the two firms when they acquired Dufry in February last year. According to Elior, Areas and Advent are to take 12.5% each, more than doubling Areas' stake in Dufry to 23.75%.

Areas currently owns a 11.25% interest in Dufry through its 15% stake in Sintres, which acquired 75% of Dufry last year. Advent owns 63.75% of Dufry through an 85% share in Sintres, and will own 76.25% once the acquisition of the outstanding shares has been completed.

Areas and Advent have also cancelled their reciprocal put and call option for 15% in Sintres, a clause which effectively gave Areas an opt-out of its stake in Sintres.

The press release also confirmed that Dufry would be bidding for a controlling stake in Spanish operator Aldeasa, a move to be financed through several banks and a Eu100m ($129.9m) equity infusion from Sintres, with Eu25m ($32.5m) of that coming from Elior.