The transaction further enhances Avolta’s position in the Caribbean by adding to its network a well-established travel retail platform with a diversified presence across multiple channels. Pictured: Aerial view of the island of Aruba.

Avolta has acquired a majority stake in Penha Duty Free Group, a duty-free operator in the Caribbean, strengthening its position in a number of top leisure destinations in the region.

Penha Duty Free Group operates 25 points of sale across Aruba, Bonaire, Curacao, Grand Cayman and St. Maarten, serving domestic and international travellers in airport, cruise ports and downtown retail locations.

The business operates under long-term concession agreements, with a weighted average remaining duration of more than 10 years. In 2025, it generated revenues of approximately CHF47 million (approx. US$56.7m).

This first step sees Avolta taking a 51% stake in the business, with the transaction providing a contractual pathway to 100% ownership by the travel retail and food & beverage powerhouse.

Avolta states the transaction is consistent with the company’s capital allocation framework, focusing on disciplined, value-accretive investments.

‘It is funded with available cash on balance sheet, has a negligible impact on leverage (less than 0.01x) and is expected to be immediately accretive to EBITDA margin, earnings per share, equity free cash flow and ROIC,’ reads a company announcement.

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