ATLANTA, GA and TORONTO, ON, 2015-10-26 — /EPR Retail News/ — Lagardère Travel Retail closed the acquisition of Paradies, a leader in retail, and food and beverage operations at airports in the United States and Canada, after receiving all the required authorizations. Announced on August 11, this acquisition will combine the activities of Paradies and Lagardère Travel Retail in North America, creating the region’s second-largest operator (no. 2 in North America), with total revenue of around $800 million (€720 million) in 2015.
Thanks to the complementary nature of the two companies’ operating locations and concepts, this transaction will generate commercial and financial synergies in the North American market, which offers attractive growth prospects.
The integration of the two companies will be led by Paradies President and CEO Gregg Paradies, who will remain at the helm of the combined entity. Gerry Savaria, LS travel retail North America’s President and CEO, will become the Executive Vice President.
This value-enhancing transaction represents an important step in the strategic transformation of Lagardère Travel Retail, which will also achieve critical mass in North America, with a presence in more than 100 airports.
Paradies is known for the quality of its operations and teams, and has an attractive growth profile, thanks to its portfolio of strong, widely known brands. In its 2014/2015 financial year[1], Paradies generated consolidated net sales of $515 million (€471 million).
This significant acquisition represents a major step forward in Lagardère Travel Retail’s growth strategy.
[1] Consolidated figures at 100%. Fiscal year ended 28 June 2015
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SOURCE: LS travel retail North America