Lagardere Travel Retail’s acquisition of Paradies officially closed on Oct. 22.
The acquisition, which was announced Aug. 11, creates a company that will be North America’s second-largest operator, with total revenue of about $800 million.
Gregg Paradies, president and CEO of Paradies, will remain at the head of the newly merged company. Gerry Savaria, president and CEO of LS Travel Retail North America, will remain on as executive vice president.
“We at Paradies are very excited to join a company of Lagardere’s reputation and international experience,” Gregg Paradies said when the acquisition was first announced. “Paradies and Lagardere group share many similarities including our strong family cultures. The combination of resources and experience will help accelerate our growth and competitiveness in this very dynamic industry.”
Paradies will be integrated into Lagardere’s financial statements from Nov. 1. The value of the acquisition is $530 million, on a cash-free/debt-free basis.
The deal significantly increases Lagardere’s footprint in North America, as the company will now have a presence in more than 100 airports.
