Heinemann Buys Out JR/Duty Free

Heinemann Buys Out JR/Duty Free

THE WHAT? Gebr. Heinemann has acquired full ownership of JR/Duty Free Israel by purchasing the remaining shares from James Richardson Group (JR/Group) in a joint venture that began in 2018. The partnership was originally a 50:50 venture between Gebr. Heinemann and the operators of the duty-free concession at Ben Gurion International Airport in Tel Aviv, owned by the Danos family. The decision for Gebr. Heinemann to assume sole ownership was made during the Covid-19 pandemic, with the official agreement reached in May of the previous year.

THE DETAILS Garry Stock will continue his role as Chairman, and Amnon Tagori will remain the CEO of JR/Duty Free Israel. The JR/Group has stated that this divestment is unrelated to the current Israel-Gaza crisis. Gebr Heinemann has obtained the regulatory approvals necessary for the acquisition.

THE WHY?   The JR/Group, which initiated its duty-free business in Israel 36 years ago alongside the Mandie/Danos Family, views this transition as the end of a significant partnership era. Despite the sale, the JR/Group plans to maintain its other investments in Israel and explore new opportunities. Gebr. Heinemann and the JR/Group have expressed a commitment to ensuring the welfare of their employees during this transition period.