AUSTRALASIA. The Nuance Group and Newrest today announced a new partnership in the duty and tax free market in Australasia.
The two companies have reached an agreement, to be executed by the end of February, by which Newrest acquires 40% of the shares of Nuance Australia & New Zealand. Nuance co-parent Stefanel said the deal would be worth around A$66 million (€40 million).
Stefanel added: “To put the negotiated price in perspective, it is worth remembering that [Nuance Australia and New Zealand] posted a net loss of €13.3 million in 2005 and €15.3 million in 2006.”
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Roberto Graziani: “This partnership with Newrest combines our global expertise and knowledge with a new level of entrepreneurial spirit and proven experience and track record in the market” |
The partnership will be led on behalf of the Board of Directors by Jonathan Stent-Torriani, CEO of Newrest and forthwith Vice-Chairman Of Nuance Australia and New Zealand. He reports to Nuance President & CEO Roberto Graziani.
Previously CEO of Nuance Australasia between 1997 and 2000, Stent-Torriani’s knowledge of Nuance’s customers, clients, staff and operations will facilitate a swift integration of the new partnership and a seamless transition for management, Nuance said in a statement this morning. Christian Strang and his management team will report to Stent-Torriani effective today, 1 February.
The Nuance Group President & CEO Roberto Graziani said: “We are delighted to conclude this partnership with Newrest. It combines our global expertise and knowledge with a new level of entrepreneurial spirit and proven experience and track record in the market. I believe the combination of the two companies’ competencies will boost motivation and creativity in a region where we have faced challenges over the last few years.
“I’m confident that this new partnership will bring significant value to our airport-owner clients and customers throughout the region.”
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Jonathan Stent-Torriani: a familiar face makes a return to travel retail |
Nuance Australia & New Zealand Chairman Nick Greiner said: “We are looking forward to working with Jonathan and the team to build a vibrant new future for our employees and customers at Nuance Australia & New Zealand.”
Newrest CEO Jonathan Stent-Torriani said “This partnership continues Newrest’s strategic goal of developing travel retail operations in food, beverage and retail globally, wherever opportunities exist. I’m personally excited to be working with The Nuance Group and look forward to working with the staff and management team of Nuance Australia & New Zealand to identify and execute areas of improvement for the benefit of our clients, customers and employees.”
About The Nuance Group: Switzerland-based The Nuance Group is the global market leader in airport shopping, operating 340 shops across 57 airports and 17 countries around the globe. In addition to its duty- and tax-free operations, the Nuance portfolio comprises a large portfolio of specialist shops as well as food & beverage operations, in-flight services and shops in other travel retail channels. In 2006, The Nuance Group achieved revenues of CHF2,066 million (US$1.7 billion) including joint ventures. The Group employs some 4,500 staff.
About The Nuance Group Australia and New Zealand: In Australia & New Zealand Nuance has revenues of US$550 million and 1,500 employees. In Australia, The Nuance Group trades as Downtown Duty Free and operates duty and tax free and specialty shops at Australia’s major airports Sydney, Melbourne, Brisbane, Cairns, Perth and Darwin. Regency Duty Free, The Nuance Group’s New Zealand subsidiary, operates at Auckland International Airport, Wellington Airport and Victoria Street Auckland City.
About Newrest: Newrest is a private company based in Toulouse, France with revenues in excess of US$403 million per annum, and more than 10,000 employees in 15 countries. It specialises in “˜travel related services’ including airline & industrial catering, airport restaurants & bars, support services, remote site services, and on board sales of food, beverage and retail goods. The company is majority owned by management, led by its two CEOs, Olivier Sadran and Jonathan Stent-Torriani.
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