PAI contrata a JPMorgan y RBC para analizar la venta de Áreas

The Spanish provider of travel retail services, Áreas, is planning to search for a new shareholder in January after achieving record results in its fiscal year. Risk capital management firm PAI Partners has hired financial advisers JPMorgan and Royal Bank of Canada (RBC) to analyze the potential sale of Áreas, a company valued at €3.5 to €4 billion, according to multiple market sources.

This corporate move comes after the French firm completed its investment cycle in the company, which reported record results in its fiscal year ending on September 30. PAI and Áreas' management team have met with major investment banks in Spain to choose the financial adviser that will initiate the process of finding a new shareholder for the company.

JPMorgan and RBC were selected as advisers, having previously worked with the company during its recent purchase of TRGC, which brought the business into the UK market. The decision to proceed with the sale will likely be made in early January, with the transaction not entering the market until the beginning of next year, provided the economic environment remains favorable, according to the sources.

PAI may choose to reinvest in Áreas to extend its investment in the Spanish multinational, acquired in 2019, although some sources speculate a competitive process given the group's growing interest from infrastructure funds. Áreas is not the owner of airports, toll roads, or service stations where it operates, but it does exploit its restaurants through long-term contracts.

The company's model shares characteristics of infrastructure assets, such as high entry barriers, revenue tied to traveler traffic, stable cash flow visibility, and long-term contractual relationships. Founded in 1968 and headquartered in Barcelona, Áreas is the leading travel retail operator in Spain, Portugal, France, Mexico, and the second-largest in the US and UK markets, as well as the third-largest in Italy.

In its last fiscal year, Áreas reported net sales of over €3 billion and EBITDA of over €320 million, which are record numbers for the company. These figures contrast with the pre-acquisition period when the company was part of the French Elior group, with revenues of €1.8 billion and EBITDA of around €200 million. Áreas' revenue and EBITDA have increased by nearly 70% and 80%, respectively, over the past year, despite the challenges faced during the COVID-19 pandemic, which nearly brought its revenues to zero.

The company's budget for the 2026/2027 fiscal year projects organic revenue growth to around €3.1 billion and EBITDA between €380 and €390 million. PAI, Áreas, JPMorgan, and RBC did not comment on this information.