Advent sells 13% Dufry stake for $476m

By Doug Newhouse |

Long-time private equity shareholder Advent International has sold its 13% minority shareholding in the Dufry Group for $476.5m (CHF.442m).


The Reuters news agency reported yesterday that Morgan Stanley was the lead manager (bookrunner) handling the sale of the 3.9m shares, bringing to an end – at least for now – a long and profitable relationship between the two companies.


Advent International first invested in Dufry back in 2004, two years before it also jointly funded the $500m acquisition of Brasif Duty Free and its Eurotrade logistics arm. It is generally acknowledged that this acquisition effectively launched Dufry into the major league of DF&TR operators. [That acquisition was 80% funded by Dufry and 20% by Advent-Ed]


Along with banking groups, Advent also provided major financial support for Dufry’s $446m acquisition of the Hudson Group in 2008.


Advent International currently operates more than 40 partnerships with companies in many varied fields and has operated as a leading international private equity firm for more than 27 years, raising cumulative capital in excess of $26bn over the period.


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