Dufry acquires Brasif

John Rimmer

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The Swiss group has signed a binding agreement to buy Latin America's biggest travel retailer along with its logistics division Eurotrade, hailed as "a great move" by Dufry CEO Julián Díaz

Dufry Group has bought Latin America's biggest travel retailer Brasif Duty Free Shop for $250m. As part of the deal Dufry will also acquire the Brazilian retailer's logistics arm Eurotrade for a further $250m.
 
Dufry will finance 80% of the deal with the remainder managed by the retailer's main shareholder Advent International. Dufry said the transaction would be closed no later than March 23.
 
Dufry CEO Julián Díaz told RavenFox.com: "This is a great move for Dufry and gives us significant leverage in South America. We hope to complete the deal before the end of next week and give a full presentation to our supplier colleagues at the IAADFS show in Fort Lauderdale."
 
In a statement Dufry said the deal "matches [our] strategy of developing long-term concessions in emerging markets".
 
Brasif has been Brazil's leading travel retailer for over 20 years and enjoys powerful brand recognition in its home market. It runs 48 stores at airports including Rio de Janeiro, São Paulo, Brasilia, Belo Horizonte and Miami International, where the operator runs two duty-paid stores.

The Barcelos family owns 88% of Brasif, with the Fagundes family owning the remainder. The retailer's turnover in 2004 was estimated at about $250m, which reached close to $300m last year.

Raven Fox.com understands that Spanish travel retailers Aldeasa and Areas also studied the opportunity to purchase Brasif. 
 
For more details keep an eye on RavenFox.com and on sister publication The Florida Daily, distributed at this week's Duty Free Show of the Americas in Fort Lauderdale.