Bloomberg News

Apax Sells Stake in Travelex to Centurion Investments

May 23, 2014

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 kporter17@bloomberg.net

To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net Keith Campbell, Jon Menon


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Companies Mentioned

  • MA
    (MasterCard Inc)
    • $77.58 USD
    • -0.16
    • -0.21%
  • WU
    (Western Union Co/The)
    • $17.73 USD
    • 0.11
    • 0.61%
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