Autogrill (Milano: AGL IM) has received an offer from Gr8 Investments b.v. a company associated to the leading Dutch hotel and restaurant group Van der Valk to sell the entire share capital of Autogrill Nederland B.V., a subsidiary company that manages 18 hotels with restaurants in several Dutch service areas.
Autogrill will launch an information and consultation process with the relevant employee representatives and stakeholders with respect to the transaction. The transaction remains subject to the approval of Autogrill S.p.A. Board of Directors.
In 2015, Autogrill Nederland BV generated revenue of €32.9m and an EBITDA of €2.8m. 2016 revenue is forecast to be approximately the same level as the previous year.
This purchase offer made by a specialist operator in the sector would allow Autogrill to sell a business with substantial hotel operations, which have few synergies with the Group’s other activities in the region and deliver limited profitability and cash flow.
The sale of the company would therefore allow Autogrill to focus the resources assigned to this country on the major operations managed by HMSHost International, resulting from its strong presence in Amsterdam airport (where the Group generates annual turnover in the order of €100m) and its December 2015 entry into the mainline railway station channel.
This operation subject to the approval of the Board of Directors could be closed in the autumn.