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Autogrill: goodbye to the stock market

Dufry takeover bid has ended: after 26 years on the Milan Stock Exchange, the stock is no longer listed

It fits to talk about sadness in a case like this. Because it is peculiar and raises melancholy questions to no longer see on the stock market, in Milan, after 26 years of presence the ticker AGL linked to the Autogrill stock, officially delisted from Piazza Affari since July 24. The stock closed the last session at 7.225 euros per share from 7.07 euros in the previous session. Autogrill had been listed on the Italian stock exchange since 1997.

Thus ended the takeover bid by Dufry, which made its last 3.61% of the shares of the company belonging to the Benetton galaxy. The latter now remain with a stake of about 27%, but operational control is now with the Swiss giant Dufry, listed on the Zurich Stock Exchange. "At the same time -reports a meager note from the Swiss company- the delisting of Autogrill shares from the Eruonext Milan market was ordered by Borsa Italiana".

Autogrill is considered the world's leading operator in travel food services, with recognized leadership in North America and Italy. Present in 31 countries with more than 57,000 employees, it operates about 4,000 outlets in about 1,000 locations and operates mainly through concession and sub-concession agreements within airports, highways and railway stations, as well as, with selective presences, in cities, shopping malls , exhibition centers and cultural sites.

The group manages a portfolio of more than 300 brands of both international and local character, and offers its customers a wide range of products with both proprietary brands and concepts (such as Ciao, Bistrot, Puro Gusto, Motta, Bubbles, Beaudevin, and La Tapenade) and under license. The latter includes locally relevant brands (Tim Hortons, Leon, Class Croute) and internationally recognized brands (such as Starbucks Coffee, Burger King, Brioche Dorée).

The genesis of the company, however, dates back to 1947 when the first autogrill was born: a new place of consumption specifically for motorists. It was conceived by Italian entrepreneur Mario Pavesi , founder of the food company of the same name. Between the 1960s and 1970s, Italian freeway catering was run mainly by the food companies Motta, Pavesi, and Alemagna: then Autogrill came along, incorporating them all and also creating the neologism "l'autogrill," with a lowercase "a," to denotes the freeway refresh point.

The architects Angelo Bianchetti , Melchiorre Bega and Carlo Casati were responsible for the design of the bridged Autogrill facilities encountered along Italian highways, the first in Europe: the former worked for Pavesi, the latter for Motta, while the third coordinated the project for the Società Highways because of the impact of the bridged structure from a landscape point of view.

In 1976, from the merger of the highway catering businesses of Motta, Alemagna and Pavesi (controlled by Sme, a financial company of the Iri group), Autogrill Spa was born, still in the system of state shareholdings. To enter the foreign market, Autogrill took over 100% of Les 4 Pentes (Elitair group) in France in 1993, and in Spain it took over 50% of Procace, a catering company, from Cepsa, Spain's second-largest oil operator.

Beginning in 1993, Iri began privatizations by divesting the industrial activities of catering, food and large-scale retail: the following year, Autogrill was also privatized with a majority shareholder, Schema34 srl 100% controlled by Edizione Financial Holding of the Benetton family. Thus, in 1997, the Benettons list Autogrill on the Milan Stock Exchange, continuing its expansion abroad with acquisitions of other companies in France (Sogerba, 100%), Belgium and the Netherlands (AC Restaurant, 100%), Austria (Wienerwald A, 100%) and Germany (Wienerwald D, 100%).

In 1998, it acquired 100% of HMS (Host Marriott Services), America's leading caterer in airports, highways, large stations, and shopping malls, becoming the world's leading operator in catering to travelers. It thus also wins franchises for such popular brands as Au Bon Pain, Baskin Robbins, Burger King, Dunkin' Donuts, Häagen-Dazs, Kentucky Fried Chicken, Mrs. Fields, Pizza Hut, Sbarro, Starbucks, Taco Bell, Wendy's, and many others. Also in 1998, he operated Burger King under license in Italy, opening the first restaurant in Milan. After years of acquisitions, in 2010 Autogrill sold its "Flight" business, or the supply of products and goods for in-flight catering on aircraft, to Dnata, a leader in airport services in the Middle East.

The latest balance sheet, in 2022, reports profits of more than 4.67 billion euros and ebitda of 627 million with an ebitda margin of 13.3%.

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EFA News - European Food Agency
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