M&A Deal Summary

Dufry Acquires The Nuance Group AG

On June 4, 2014, Dufry acquired aerospace company The Nuance Group AG from PAI Partners for 1.7B USD

Acquisition Highlights
  • This is Dufry’s 1st transaction in the Aerospace sector.
  • This is Dufry’s largest (disclosed) transaction.
  • This is Dufry’s 1st transaction in Switzerland.

M&A Deal Summary

Date 2014-06-04
Target The Nuance Group AG
Sector Aerospace
Buyer(s) Dufry
Sellers(s) PAI Partners
Deal Type Add-on Acquisition
Deal Value 1.7B USD

Target

The Nuance Group AG

Glattbrugg, Switzerland
The Nuance Group is a leading player in the global travel retail and duty-free industry with over 90% of sales coming from the airport retail channel.

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Buyer(S) 1

Buyer

Dufry

Basel, Switzerland

Category Company
Founded 1865
Sector Retail
Employees17,795
Revenue 2.5B CHF (2020)
DESCRIPTION

Dufry is a global travel retailer with operations in 42 countries. Dufry operates around 1100 shops located at airports, cruise liners, seaports, and other touristic locations. Dufry was founded in 1865 and is based in Basel, Switzerland.


DEAL STATS #
Overall 3 of 4
Sector (Aerospace) 1 of 1
Type (Add-on Acquisition) 3 of 4
Country (Switzerland) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-22 Hellenic Duty Free Shops S.A.

Attica, Greece

Hellenic Duty Free Shops S.A. is a privately held company operates retail shops at airports, border stations, and ports in Greece.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-19 Hudson

Feltham, United Kingdom

Hudson Ltd. is a travel experience company turning the world of travel into a world of opportunity by being the Traveler’s Best Friend in more than 1,000 stores in airport, commuter hub, landmark, and tourist locations. Hudson team members care for travelers as friends at travel convenience, specialty retail, duty-free, and food and beverage destinations. At the intersection of travel and retail, Hudson partner with landlords and vendors, and take innovative, commercial approaches to deliver exceptional value.

Buy -

Seller(S) 1

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 24 of 50
Sector (Aerospace) 1 of 2
Type (Add-on Acquisition) 11 of 18
Country (Switzerland) 1 of 2
Year (2014) 1 of 2
Size (of disclosed) 13 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-24 Euro Media Group

Saint Denis, France

Euro Media Group provides various audiovisual technical services. The company's broadcast facilities and services place innovation at the heart of its strategy which enables the company to offer its customers unrivaled services to enrich and manage high value-added content. Euro Media Group was founded in 1983 and is based in Saint Denis, France.

Buy €200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-11 DomusVi

Suresnes, France

DomusVi is a provider of services to elderly people. It provides a full range of services to 42 000 residents and customers with 315 nursing homes, 16 residential facilities, 5 mental care facilities and 50 home care agencies throughout France, Spain and China. DomusVi was founded in 1983 and is based in Suresnes, France.

Buy -