PE firm Advent to exit Swiss travel retailer Dufry
16 Jan 2013
Private equity firm Advent International is planning to sell its entire 13 per cent stake in Swiss travel retailer Dufry AG worth around 462 million Swiss francs ($498 million).
The Boston, Massachusetts-based PE firm said in a statement that it has hired Morgan Stanley as bookrunner for the placing of the 3.9 million shares.
Based on yesterday closing price of 119.10 Swiss francs per share, Advent's stake is worth 462 million Swiss francs.
Advent led a buyout of Dufry in 2004 for $200 million and became is largest shareholder just a year prior to its IPO. Advent retained its majority stake but sold 16.3 per cent in 2007 and in 2008 merged it with its US travel retailer Hudson through a share swap.
Based in Basel, Switzerland and listed in Switzerland and in Brazil, Dufry is a global travel retailer with operations in 45 countries. It operates around 1200 shops located at airports, cruise liners, seaports, and other touristic locations.
Dufry provides its customers with prestigious brands from more than 1500 suppliers, including exclusive arrangements with international branded luxury goods such as Bulgari, Chanel, Hermès and Mont Blanc.
Dufry also operates international brand boutiques for different prestigious brands such as Hermès, Armani, Victoria's Secret, Lacoste, Omega and Bulgari.
