The Swiss duty-free giant Dufry is said to be aiming for a merger with the Autogrill group. Right in the middle: the Benetton family, which is awakening to new vitality.
Originally created as a catering point on Italian motorways, today business abroad (Picture: Pratteln, BL) and at airports has become even more important for Autogrill.
For many, Italy begins here: at the counter of an Autogrill rest stop along the autostrada del sole, which brings travelers from the north close to their longing places in the south. The first really good one coffee – Autogrill is the first contact with Italy.
To convey an attitude to life, to offer more than just parking spaces, petrol pumps, toilets and weak coffee – this recipe is the basis of Autogrill’s success. In order to get motorists to turn, the founders also invested in futuristic architectural concepts. Curved steel constructions, spectacular motorway bridges, modernist interiors are reminiscent of the belief in progress of the 1950s and 1960s.
Active worldwide in system gastronomy
Today the company is a global specialist in system gastronomy. According to their own statements the company generated sales of 2.6 billion euros in 2021 and made a loss due to the pandemic, operates in thirty countries and has more than 3800 points of sale. Almost 50 percent of income is now generated at airports. North America is the strongest market at 43 percent, followed by Italy at 29 percent. Since 1995, the Benettons, who have become well-known in the fashion business, have been the majority owners of the company via their family holding Edizione.
And now the Basel-based Dufry Group is said to have kept an eye on it. According to a report by the Bloomberg news agency the Swiss duty-free giant wants to acquire Autogrill. After that, Edizione would transfer its majority stake of 50.1 percent in Autogrill to Dufry, the second step according to the business newspaper “Il Sole 24 Ore” the merger of Autogrill and Dufry. According to initial estimates, the post-merger market value would be over $6 billion. Dufry and the Benettons have previously made a major transaction. The Italians sold their majority in World Duty Free to the competition from Switzerland.
Dufry and Autogrill are hoping for synergies in terms of both costs and earnings, especially in the USA. In addition, Dufry would bring its strong presence in China, India and Australia. Should the deal go through, the Benettons would in turn become the anchor shareholders of the new giant, with a 20 to 25 percent stake in the shares. After a price increase in both titles on Tuesday, the shares of both companies fell back significantly on Wednesday.
The transaction has not yet been confirmed. However, Autogrill has indicated that the group is “interested in evaluating various strategic opportunities as part of its growth strategy and is also engaged in discussions with the primary objective of promoting Autogrill’s development and continuing to create value for all stakeholders”. – according to “Il Sole 24 Ore” an explanationwhich essentially confirms the information circulating.
Mövenpick was also there
However, the catering business has not always been a success story, not even in Italy. After the initial euphoria of the years of the economic boom, the oil crisis caused difficulties for the automotive industry and the associated services. In 1970 the Italian state had to intervene and combine the previously separately managed companies Pavesi, Motta and Alemagna under the Autogrill name. The company was privatized again in 1995.
It was the hour of the Benettons, who up until then had drawn attention to their fashion empire with their colorful pullovers and flashy advertising campaigns. They acquired a majority stake in Autogrill and led the group to its current size.
Curious side note: At that time, Mövenpick also acquired a significant stake in Autogrill, namely 13.4 percent. The idea was to also sell their own products in the motorway restaurants. But as early as 1998, the Swiss sold their package again – with a good profit, but much too early, as we now know. At the time of acquisition it was Autogrill according to the “Handelszeitung” so strong in terms of sales like Mövenpick, but became much stronger afterwards.
Benetton gets to his feet
The current business activities of the Benettons around Autogrill testify to the renewed vitality of the Benetton family. Until recently, it seemed as if their empire was seriously faltering. The collapse of the Morandi Bridge in Genoa in 2018 weighed heavily on the family holding.
Because the motorway concessionaire Autostrade, a subsidiary of the infrastructure group Atlantia, which also belongs to the Benetton haze district, was responsible for the building and its poor maintenance. The exponents of the family came under fire and were portrayed by politicians as nefarious profiteers. The Benettons, whose reputation had been impeccable up until then, went into hiding. The deaths shortly before and after the bridge accident of the brothers Carlo and Gilberto, both of whom held important positions in the company, were also a turning point.
A few months ago, the family took matters into their own hands again. With Alessandro Benetton, a representative of the second generation has taken over the management of the family holding company and reorganized the business. Only recently it became known that Edizione, together with the US financial investor Blackstone, wants to acquire all outstanding Atlantia shares and take the company off the stock exchange. And now they want to take the next big step with Autogrill. The Benettons are back in business.