Dufry owner fund to target Latin America

Gavin Lipsith

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The powerful private equity group behind Dufry Group and Mexican airport caterer Aerocomidas has raised $375m to invest in new Latin American business

Advent International, the Boston-based private equity owner of Swiss retailer Dufry Group, has raised $375m for a new Latin American fund. The company—which typically invests in the airport services, business outsourcing and financial services sectors—said it is looking at transactions totalling over $200m in the region and aims to make four or five investments annually.

Advent completed its $200m acquisition of Dufry Group early last year, and also owns Mexican airport caterer Aerocomidas. The group also holds interests in French catering conglomerate Elior, which owns Spanish caterer and retailer Areas, of which Mexican travel retailer Latinoamericana de Duty Free (formerly Operadora de Aeroboutiques) is a subsidiary.

The group makes roughly 60% of its Latin American investments in Mexico, 25% in Brazil and 15% in Argentina. Many investment opportunities come from family-owned businesses and from entrepreneurs looking for business partners, a company spokesman said.

Advent exits its investments primarily through mergers and acquisitions with strategic European buyers in Spain and France.