USA. Autogrill Group subsidiary HMSHost has completed the acquisition of Tampa-based travel retailer Stellar Partners Inc. for US$12 million. The move was first announced on 5 August and marks HMSHost’s re-entry into the airport retail business.
The price is subject to possible contractually defined adjustments.
Stellar Partners runs 38 points of sale at ten US airports, with estimated annual sales of US$38 million and an EBITDA/revenues ratio of 11%.
Stellar Partners will be wholly owned by HMSHost, though it will continue to be autonomously managed by its current President and CEO Susan Stackhouse and Senior Vice-President and COO Ramon Bosquez.
Autogrill said today: “The acquisition of a specialist operator of high standing will strengthen the group’s business in the US airport channel by extending its offering to convenience retailing.”
HMSHost exited the retail business in 2012 after sister company World Duty Free Group (since acquired by Dufry) took over its 240 stores across North America.
