Benetton Group seeks airport stakes

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Edizione Holding, the unlisted Milan holding through which the Benetton family controls Benetton Group, said it is aiming to buy stakes in Italian small to midsize airports, including Florence airport.

The Benetton family has diversified its business in recent years, acquiring controlling interests in travel retailer Autogrill (57.09% owned by Edizione Holding) and Italian motorways operator Autostrade. Autogrill acquired US airport retailer HMSHost in 1999 for $500m. Expanding further into the travel-related sector, the Benetton's led a group of investors that last year bought 40% of the company that runs Italy's 13 largest railway stations from the state-controlled rail group.

Airport operator Aeroporto di Firenze announced six bidders this month for a 29% stake in the company being sold by Florence city authorities. Edizione Holding has joined up with the merchant bank branch of San Paolo IMI Bank to bid for Florence airport.

Previously, Edizione Holding spearheaded a group of investors that bought 41.5% of SAGAT, the Turin Caselle airport operator, from the city of Turin and local authorities. But an airport acquisition spree didn't follow at that point. In fact, SAGAT's strategy aims at creating a network of regional airports, and Bologna, Florence and Naples have expressed interest in joining. Pisa and the Apulia Region have also started procedures for selling stakes in their airports.

The Benetton family has solid financial backing to fund this strategy, as Italy's third-largest bank and Venice airport shareholder, the merchant bank division of SanPaolo IMI is among its investment partners.