Avolta officially announced today that it has acquired a majority stake in Penha Duty Free Group, one of the leading duty free operators in the Caribbean.
The deal was widely known throughout the region, while the legalities of the complicated multi-island contracts were completed.
Penha Duty Free Group operates 25 points of sale across Aruba, Bonaire, Curacao, Grand Cayman and St. Maarten, serving domestic and international travelers in airport, cruise ports and downtown retail locations. The business operates under long-term concession agreements, with a weighted average remaining duration of more than 10 years.
In 2025, it generated revenues of approximately CHF 47 million.
The transaction strengthens Avolta’s presence in attractive Caribbean leisure destinations, adding a well-established travel retail platform with a diversified presence across multiplechannels and further enhancing Avolta’s position in the region.
The transaction is consistent with the company’s capital allocation framework, focusing ondisciplined, value-accretive investments. It is funded with available cash on balance sheet, has a negligible impact on leverage (less than 0.01x) and is expected to be immediately accretive to EBITDA margin, earnings per share, equity free cash flow and ROIC.
In a first step Avolta acquires a 51% stake in the business. The transaction provides a contractual pathway to 100% ownership by Avolta.
