Apax Partners LLP, one of Europe’s largest private-equity firms, agreed to sell its majority stake in Travelex Holdings Ltd. to a group of investors based in the United Arab Emirates.
Bavaguthu Raghuram Shetty, an Indian-born entrepreneur, and entities linked to Saeed Bin Butti Al Qubaisi’s Abu Dhabi-based Centurion Investments will buy London-based Apax’s stake in the chain of retail currency exchanges, the London-based buyout firm said in an e-mailed statement today. The price wasn’t disclosed
Lloyd Dorfman, who founded Travelex 38 years ago, will remain a shareholder and the company’s president. Apax, which had been poised to take Travelex public in an initial public offering, bought control of the chain in 2005 in a deal that valued the company at about 1.1 billion pounds ($1.85 billion).
“We have worked closely with Lloyd Dorfman and the management team to transform Travelex into a stronger company,” Andrew Sillitoe, co-chief executive officer at Apax, said in the statement. “We have every confidence in the business’s long-term prospects.”
The companies said Travelex would be run separately from UAE Exchange, the currency-exchange and money-transfer company Shetty founded.
Travelex, which has more than 1,500 outlets and more than 1,300 cash machines in 27 countries, sold assets including a card-program management unit to MasterCard Inc. (MA:US) in 2011 and a business-payments unit to Western Union Co. (WU:US) to focus on its consumer business.
To contact the reporter on this story: Kiel Porter in London at email@example.com
To contact the editors responsible for this story: Edward Evans at firstname.lastname@example.org Keith Campbell, Jon Menon