PAI exits Nuance in trade sale to Dufry

Under PAI's ownership, Nuance has grown acquisitively. The company acquired a 100% stake in Urart in Turkey in March 2013, then a year later bought the remaining 50% stake in Asian travel retail business AS Watson that it did not already own.

PAI used its fifth European fund to finance the mid-market deal. The sale of the stake in Nuance represents the second realisation from PAI Europe V following its divestment of a 9% stake in listed French IT services provider Atos for €545m in a private placement in November last year. 

The deal is expected to close in Q3 2014.

Previous funding
PAI acquired a 50% stake in Noel International – a Luxembourg-based company that holds 100% of airport retailer The Nuance Group – from Italian fashion house Stefanel in October 2010. At the time of purchase, Nuance had consolidated sales of CHF 1.58 million with an EBITDA of CHF 56.5 million and an EBIT of CHF 26.7 million, according to unquote" data.

Company
Nuance operates in the global travel retail and duty-free industry, with 350 outlets across 60 locations in 19 countries and territories including Asia-Pacific, the US and Europe. It also provides in-flight services and runs a wholesale and distribution business.

Founded in 1992 and headquartered in Glattbrugg, the company employs approximately 5,400 people who serve more than 31 million travelling customers. In 2013, the company produced aggregated revenues of approximately CHF 2.1bn.

People
Raffaele R Vitale is partner at PAI. Roberto Graziani is CEO of Nuance.

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• Topics
• DACH
• Exits
• Consumer
• Switzerland
• PAI Partners
• Trade sale