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SAVE and Lagardère Services announce the completion of the acquisition of Airest Group


Corporate & other activities, Finance, Lagardère Travel Retail

Venezia and Paris, April 16th, 2014

SAVE and Lagardère Services announce the completion of the acquisition of 50% of Airest Group by Lagardere Services. This industrial partnership and business combination has already been announced on 19 September 2013.

Airest is a subsidiary of SAVE operating in Food & Beverage and Travel Retail, managing more than 200 points of sales in 11 countries, including in Venice Airport. In 2013, Airest Group generated €216 million of sales (+9% vs 2012), with €13 million of EBITDA (+16% vs 2012).

As already disclosed to the market, the agreement includes a future reorganization of Airest Group through a de-merger of all Italian and International Activities that will be transferred to a newly incorporated company (“Newco”), excluding the Venice and Treviso airports food & beverage and travel retail activities, which will remain in Airest. Lagardere Services and SAVE will jointly own 50% of the Newco and 50% of Airest.
Regarding Newco, the agreement provides for a Put and Call Option (which can be exercised until December 31st, 2016) on SAVE’s 50% stake in Newco.
Regarding Airest, the 50/50 partnership between SAVE and Lagardère Services will remain in place. This combination guarantees a long-term commitment to the joint industrial project of developing together the Venice Airport food & beverage and travel retail activities.

Airest Group has been valued at €110 million on a debt-free, cash-free basis (Enterprise Value). This Enterprise Value is based on the normalized EBITDA (adjusted from non-performing stores closed during the year 2013 and new concessions won). Based on normalized net financial position as of December 31st 2013, the purchase price for 50% of Airest Group is € 24,5 million. According to the agreement, Airest reimbursed €42 million of Shareholder Loans to SAVE after receiving an equal amount from LS as a new Shareholder Loan.

This agreement is in line with SAVE’s strategy to strengthen the focus on airport management operations in consideration of the recently signed “Contratto di Programma” that has unlocked an important infrastructural investment plan and in view of the formation of a single airport system for the North East of Italy.
Through this combination Lagardère Services accelerates its development in Travel Retail – notably in the foodservice business thanks to Airest’s presence in several key airports – and consolidates its Italian Travel Retail operations.


Barabino & Partners - Ferdinando De Bellis - Tel. 02/

SAVE S.p.A. - Servizio Relazioni Esterne e Stampa - Federica Bonanome - Tel. 041 26.06.233

Matteo Testa - Tel. +39 041 2606215 -

Frédéric Renault - Press contact - Tel. +33 1 42 99 07 00 -

Anthony Mellor - Investor Relations contact - Tel. +33 1 40 69 18 02 -

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