Image Credit: DiegoMariottini/ShutterstockAvolta has acquired a majority stake in Penha Duty Free Group, a duty-free operator in the Caribbean, strengthening its position in a number of top leisure destinations in the region. Penha Duty Free Group operates 25 points of sale across Aruba, Bonaire, Curacao, Grand Cayman and St. Maarten, serving domestic and international travellers in airport, cruise ports and downtown retail locations. This first step sees Avolta taking a 51% stake in the business, with the transaction providing a contractual pathway to 100% ownership by the travel retail and food & beverage powerhouse. Avolta states the transaction is consistent with the company’s capital allocation framework, focusing on disciplined, value-accretive investments. READ NEXT: Campari GTR and Royal Caribbean join forces for destination activationREAD NEXT: Maui Jim enters Caribbean duty free haven Crystal Court ShoppesREAD NEXT: Gen Z highest spenders in Latin America & Caribbean travel retail