East Rutherford, N.J., The Hudson Group has signed a definitive agreement to be acquired by global private-equity firm Advent International Corp.
Hudson Group, which operates more than 550 airport-based newsstands and bookstores in the United States and Canada, has been privately held since its inception in 1987. The company’s owners, James and Robert Cohen, will retain a minority stake.
Hudson is Advent International’s 10th investment in travel-related businesses with activities spanning food and beverage, duty-free retail and airport concessions.
The transaction is subject to certain approvals and customary closing conditions. Terms of the agreement were not disclosed. “We believe we are profitably growing our market share," president Brian Dunn said in a statement.