Private equity firm Freeman Spogli & Co. has completed a majority investment in The Paradies Shops Inc., the airport concessionaire that sells those travel essentials—M&Ms, newspapers and a new Brooks Brothers button-down to replace the one you spilled coffee on—in more than 500 stores around the country.
Terms of the deal were not disclosed, but Paradies, which also has shops in hotels and at the Georgia Aquarium, has estimated revenue of about $428 million, according to the Atlanta Business Chronicle’s Book of Lists. The listing ranks the company as the 29th-largest privately owned business in the city.
Paradies’ primary attorneys, Walter E. Jospin at Paul Hastings Janofsky & Walker and Karen K. Leach at Nelson Mullins Riley & Scarborough, did not comment on the transaction.
Paradies, a family-owned business for more than 50 years, announced the investment in January. Freeman Spogli, with offices in Los Angeles and New York, holds in its portfolio companies including Sur La Table Inc., El Pollo Loco Inc. and PETCO Animal Supplies Inc.