HMSHost Corp. is again entering the airport retail fray with the acquisition of Stellar Partners.
Stellar currently operates 38 convenience and specialty retail stores in ten airports in the U.S. and has annual revenues of $38 million, according to HMSHost.
Stellar Partners will be an independent subsidiary of Host and remain headquartered in Tampa, Fla. Stellar President and CEO Susan Stackhouse and Senior Vice President and COO Ramon Bosquez will continue to lead the business.
The move comes nearly four years after HMSHost announced its exit from the airport retail business, with World Duty Free Group taking over 240 retail outlets in 32 airports across the United States in a November 2011 deal. At that time, Autogrill Group owned both firms. World Duty Free Group was subsequently spun off from Autogrill and began trading independently, with Benetton as majority shareholder. Dufry purchased World Duty Free Group from Benetton in 2015.
HMSHost President and CEO Steve Johnson praised the alignment the two companies’ cultures, as well as Stellar’s creativity and popularity with airports.
“The expertise Susan and Ramon bring will help us to develop our airport retail business, as well as enhance our existing retail stores in our motorway channel,” Johnson added.
Stackhouse said she is “delighted” with the deal. “I am personally honored that Host has recognized our value, is willing to invest in our future and will allow the legacy of the Stellar brand to continue.”
According to Johnson, Host’s role in Stellar Partners going forward will mainly be to spur continued development for Stellar by giving the company the capital and resources to go after more and bigger bids.
If all goes as expected, the transaction will be finalized in the fall.
