USA. Palladin Consumer Retail Partners has completed the sale of US airport concessionaire Tailwind Hospitality to private equity firm Crestview Partners, with AltitudeX Aviation Group investing alongside.
The terms of the transaction have not been disclosed.
Founded in 2004 and headquartered in Wilmington, North Carolina, Tailwind operates food & beverage and retail concessions across non-hub, primary and regional airports, as well as train stations, throughout the USA.
The company now runs more than 160 revenue centres in 65 travel-related locations, where it is often the exclusive concessionaire.
Palladin partnered with Tailwind’s co-founders, led by President & CEO Jeff Switzer, towards the end of the COVID-19 pandemic, when the business operated at 27 regional airports.
Over the past four years, Tailwind has more than doubled its airport footprint through acquisitions and new lease awards, expanded into larger airports and added a number of nationally recognised brands to its portfolio.
The transaction marks another airport-sector exit for Palladin, following the sale of InMotion Entertainment to WHSmith, and underlines its strategy of backing founder-led businesses to scale.
Switzer said: “Palladin has been a great partner, helping us strategically expand into new markets, integrate multiple acquisitions, develop new sites through awarded RFPs and transform the company by adding resources and systems for growth.
“We look forward to continuing our growth trajectory in partnership with Crestview and AltitudeX Aviation Group, and, it is important to note, our leadership team and commitment to delivering best-in-class service to our airport partners will not change.”
Palladin Consumer Retail Partners CEO Mark Schwartz commented, “It has been a pleasure working with Jeff Switzer, Jeff Pike, CFO and the entire Tailwind team during this period of exceptional growth.”
Palladin Managing Director Rob Fioretti said: “The team has been receptive to innovations and structure that have enabled us to significantly increase our market share. We look forward to watching their continued success.”
Palladin and Tailwind were represented by Solomon Partners and advised by Latham & Watkins and Crowe.
Crestview was advised by Greenberg Traurig. 
