North American airport retailer Stellar Partners has reportedly signed an agreement to buy Pacific Gateway Concessions (PGC).
The deal will see 99 convenience and speciality stores located across 20 airports in the US added to Stellar’s portfolio. Many of the stores are currently under development.
Stellar president and CEO Padraig Drennan was quoted by media sources as saying: “As we continue our strategic growth, PGC is a perfect fit for Stellar and our retail portfolio. The brands and their store employees bring extraordinary value and unmatched service to deliver on the travel retail experience.
“Our business synergies combined with our complementary areas of expertise will empower Stellar’s transformational growth plan.”
The company expects to complete the transaction in the second quarter of this year.
PGC currently operates retail locations across various airports in the US, including John F Kennedy International Airport (JFK), New York LaGuardia Airport (LGA), George Bush Intercontinental Airport (IAH), Minneapolis-St Paul International Airport (MSP) and the San Francisco International Airport (SFO).
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The company is establishing stores at Newark Liberty International Airport (EWR), New Orleans Louis Armstrong International Airport (MSY), Seattle-Tacoma International Airport (SEA) and Los Angeles International Airport (LAX).
Pacific Gateway Concessions CEO Erik Ward was quoted as saying: “Pacific Gateway’s creative approach to airport retail has contributed to the company’s tremendous growth and success.
“Stellar’s culture of innovation is the perfect fit for Pacific Gateway and, together, we will bring even more exciting experiences for travellers to airports.”