Paradies, the most awarded airport concessionaire in the US, announces the signing of an agreement to be acquired by Lagardère Travel Retail, a global leader in travel retail that operates in 150 airports across 30 countries through three divisions: Travel Essentials, Duty-free and Luxury, and Food Services. The closing of this transaction is subject to certain conditions and is expected to close in the fourth quarter of 2015.

Voted “Best Overall Retailer” by the industry through Airport Revenue News for 20 consecutive years, industry leader Paradies will combine its operations with the existing North American operations of Lagardère Travel Retail to operate approximately 800 stores and restaurants in 99 airports across the US and Canada. Paradies’ strong presence, particularly in the US, is highly complementary with that of Lagardère Travel Retail, which has a stronger presence in Canada and a number of US international airports. Together, the combined company will operate in most of the major North American airports, including all of the top ten: Atlanta, Los Angeles, Chicago, Dallas-Fort Worth, Denver, New York-JFK, San Francisco, Charlotte, Las Vegas and Phoenix.

Following the completion of the transaction, Gregg Paradies will serve as the President and CEO of the newly combined company and will be an investor. Gerry Savaria, current President and CEO for North America of Lagardère Travel Retail, will serve as his Deputy.

The transaction marks the culmination of Paradies’ significant growth and continued evolution as the market leader in North America, particularly in the past five years with its expansion into the food and beverage segment and its partnership with Freeman Spogli & Co., a leading middle market private equity firm. Combining Lagardère Travel Retail in North America with Paradies will create a company of a significant size, with complementary concepts.

“We at Paradies are very excited to join a company of Lagardère’s reputation and international experience,” said Gregg Paradies, President and CEO of Paradies. “Paradies and the Lagardère group share many similarities including our very strong family cultures. The combination of resources and experience will help accelerate our growth and competitiveness in this very dynamic industry. This investment is a tremendous compliment to our 4,000 associates, to our business partners, to our management and leadership team, and to Freeman Spogli & Co., who has been an excellent and very supportive partner during the last five years.”

Dag Rasmussen, Chairman and CEO of Lagardère Travel Retail, added: "This acquisition transforms the presence of Lagardère Travel Retail in North America. It significantly strengthens our business and allows us to expand our concession portfolio and to develop relationships with our brand partners and suppliers. We are very pleased to welcome Gregg Paradies and all his employees to the Group. Together, we will aim to create a regional leader and break new ground."

Paradies was advised by Barclays and Morgan, Lewis & Bockius provided legal representation.