Who Owns Avolta Company?

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Who Owns Avolta?

Understanding a company's ownership is key to grasping its strategy and accountability. The recent rebranding of Dufry Group to Avolta, following its merger with Autogrill, marks a significant shift in the travel retail and food & beverage sector.

Avolta, established in 1865 as Weitnauer, is now a global leader in travel retail and food & beverage, operating extensively across airports, train stations, and cruise ports worldwide.

Avolta's ownership structure is multifaceted, reflecting its history and growth. As of December 31, 2024, the company, with a market capitalization of CHF 5,324.2 million, is a publicly traded entity. This means ownership is distributed among various shareholders, including institutional investors and individual investors who have purchased shares on the open market. The transition from Dufry Group to Avolta, through its merger with Autogrill, involved significant strategic realignments that would have impacted its ownership landscape. For a deeper dive into the competitive forces shaping Avolta, consider an Avolta Porter's Five Forces Analysis. The company employs approximately 75,000 individuals and operates in over 75 countries, solidifying its position as the world's largest duty-free operator.

The journey of Avolta began in 1865 as a Swiss retailer named Weitnauer. While specific details about the initial equity distribution among its founders are not publicly documented, the company's early trajectory involved a significant pivot towards the wholesale duty-free sector starting in 1948. This strategic move laid the groundwork for its future expansion in travel retail.

Early Retail Roots

Established in 1865, the company's origins lie in Swiss retail under the name Weitnauer. This foundational period set the stage for future diversification.

Shift to Duty-Free

A significant strategic shift occurred in 1948 with the company's entry into the wholesale duty-free business. This marked a crucial step towards specializing in travel retail.

European Expansion

The company expanded its physical presence by opening its first continental European duty-free shop in Paris/Le Bourget in 1952, solidifying its position in the travel retail market.

Major Ownership Change

In 2004, a pivotal ownership change took place when a consortium led by Advent International Corporation acquired a substantial 75% of the company's outstanding share capital.

Strategic Realignment

This acquisition in 2004 was instrumental in refocusing the company's strategy on travel retail. It also led to the divestment of non-strategic wholesale activities.

Early Ownership Details

Specific details regarding the initial equity split among the company's founders from its 1865 inception are not readily available in public records.

The year 2004 marked a significant turning point in the company's ownership structure. A consortium, with Advent International Corporation at its forefront, successfully acquired 75% of the company's outstanding share capital. This transaction was a catalyst for a strategic reorientation, emphasizing a dedicated focus on the travel retail sector and the subsequent divestment of wholesale operations that were deemed non-strategic. This period is crucial for understanding the Growth Strategy of Avolta and its evolution.

Key Ownership Event

The acquisition of 75% of the company's share capital in 2004 by a consortium led by Advent International Corporation was a defining moment.

• Acquisition date: 2004
• Lead acquirer: Advent International Corporation
• Percentage acquired: 75%
• Strategic impact: Refocus on travel retail, divestment of wholesale

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The ownership structure of Avolta underwent a significant transformation following its 2023 merger with Autogrill, creating a new entity focused on global travel experiences. This strategic combination reshaped the shareholder landscape, bringing in new major investors.

Edizione emerged as the largest shareholder in Avolta, holding 22.17% of the company's share capital as of December 31, 2024. This stake was acquired through its contribution of Autogrill to the merger. Several other significant stakeholders, each holding over 3% of the shares, include Advent International Corp., Qatar Holding LLC, Alibaba Group Holding Ltd, Richemont, BlackRock Inc., UBS Fund Management (Switzerland) AG, and Helikon Investments Ltd. Together, these major shareholders, along with Edizione, represent a substantial portion of Avolta's ownership. The company's shares are publicly traded on the SIX Swiss Exchange, with an average daily trading volume of CHF 10.2 million in 2024. Avolta's market capitalization stood at CHF 5,324.2 million at the close of 2024, supported by trailing 12-month revenues of $15.6 billion. Understanding who owns Avolta provides insight into its strategic direction and governance.

Avolta's Shareholder Landscape

Avolta's ownership is a mix of strategic investors, institutional funds, and individual shareholders. The company's public listing on the SIX Swiss Exchange facilitates broad participation.

• Edizione is the largest single shareholder.
• Several institutional investors and private equity firms hold significant stakes.
• A substantial portion of ownership rests with the general public and individual investors.
• The company's market capitalization was CHF 5,324.2 million as of December 31, 2024.
• Avolta's Mission, Vision & Core Values of Avolta guide its operations and stakeholder engagement.

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Avolta's current Board of Directors is led by Executive Chairman Juan Carlos Torres Carretero and CEO Xavier Rossinyol Espel. Following the merger with Autogrill, the board expanded to include representatives from Edizione, such as Honorary Chairman Alessandro Benetton and Vice Chairman Enrico Laghi. Other key members include Sami Kahale, Heekyung Jo Min, Bruno Chiomento, Mary J. Steele Guilfoile, and Jeanne Jackson, shaping the company's strategic direction.

Avolta operates under a one-share-one-vote principle, meaning each registered share grants its holder a single vote. However, a crucial restriction is in place until June 30, 2029: no shareholder, whether acting alone or in concert, can exercise voting rights exceeding 25.1% of the total registered share capital. This measure is designed to prevent any single entity from gaining disproportionate control, even for major shareholders like Edizione. During the Annual General Meeting on May 14, 2025, a substantial 69.83% of the total share capital was represented, indicating significant shareholder engagement.

Understanding Avolta's Shareholder Structure

Avolta's ownership structure is characterized by a one-share-one-vote system, with a cap on individual voting power. This ensures a more balanced distribution of influence among its shareholders.

• Voting rights are tied to registered shares on a one-to-one basis.
• A voting cap of 25.1% is enforced until June 30, 2029.
• This cap applies to individuals, legal entities, and groups acting in concert.
• Major shareholders like Edizione are subject to these voting limitations.
• Shareholder participation was high at the May 2025 Annual General Meeting, with 69.83% of capital represented.

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In recent years, Avolta has strategically adjusted its ownership structure and capital deployment. The company's proactive approach to managing its share capital reflects a commitment to enhancing shareholder value and aligning with industry trends favoring robust shareholder returns.

Industry shifts indicate a growing prevalence of institutional investors and a heightened emphasis on delivering shareholder returns. Avolta's strategic roadmap, 'Destination 2027', is designed to support ongoing balance sheet deleveraging while simultaneously prioritizing shareholder returns. The company is targeting a net debt to CORE EBITDA ratio between 1.5x and 2.0x, with the flexibility to extend this to 2.5x for strategic business development or bolt-on acquisitions. As of March 31, 2025, Avolta reported a financial net debt of CHF 2,820 million, resulting in a leverage ratio of 2.18x. The company has also articulated its intention to return excess cash to shareholders through share buybacks in the medium term. Xavier Rossinyol, the CEO, has conveyed optimism regarding the company's ability to meet its medium-term objectives and generate shareholder value, even amidst global economic uncertainties. This focus on deleveraging and shareholder returns is a key aspect of understanding Avolta company ownership details.

Share Capital Management

Avolta actively manages its share capital, demonstrated by the cancellation of 6.1 million treasury shares in 2024. This action reduced the company's issued share capital by 4%.

Shareholder Return Initiatives

The company launched a significant share buyback program in January 2025, aiming to repurchase up to CHF 200 million in shares. This initiative underscores a commitment to enhancing shareholder value.

Strategic Financial Targets

Avolta's 'Destination 2027' strategy targets a leverage ratio of 1.5x – 2.0x net debt / CORE EBITDA. This aligns with a focus on balance sheet strength and operational efficiency.

Leverage and Debt Management

As of March 31, 2025, Avolta's net debt stood at CHF 2,820 million, with a leverage ratio of 2.18x. The company aims to distribute excess cash through buybacks, reflecting a disciplined approach to capital allocation.

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