The company operates 350 outlets across 19 countries as well as in-flight services and a wholesale and distribution business.
It produced aggregate revenues of about CHF2.1bn in 2013.
The sale of the stake in Nuance represents the second realisation from PAI Europe V fund, following the partial exit from the investment in Atos at the end of 2013.
PAI partner Raffaele Vitale said,“The acquisition by Dufry of Nuance confirms the strategic value of Nuance in the global travel retail industry.
“As identified at the time of our investment, Nuance has proven to be a pivotal asset in the consolidation of the travel retail sector.
“During the period of our ownership, we have worked to further consolidate its strong positioning and enhance its appeal for industrial buyers or an IPO.
“PAI has a long established track record of identifying European companies with international growth potential in its sectors of expertise, one of which is retail.
“We are delighted to have been a part of Nuance’s further development as one of the leaders in the travel retail industry.”
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