Funds advised by Apax Partners to acquire majority shareholding in Travelex
28 February 2005
Lloyd Dorfman, who will continue to
be Chairman and Chief Executive of the Group, will retain a 30%
stake, and 3i, which has held a shareholding in Travelex since
1999, will retain a 7% stake.
Travelex is also pleased to announce that, as a result of its
recent strategic review, it will be exploring opportunities to work
with Standard Chartered across its network in Asia, Africa and the
Travelex announced on 19 December 2004 that it had appointed
Deutsche Bank to review the strategic options for the business,
following a number of approaches received from potential acquirers.
The Board concluded that the new ownership structure announced
today best meets those strategic objectives.
Travelex is the world's largest foreign exchange specialist and
is a global brand. The Travelex Group has offices in 35
countries and corporate relationships in 110 countries, and serves
over 29,000,000 customers each year.
Lloyd Dorfman, Chairman and Chief Executive of Travelex,
"We are delighted with today's announcement. I believe that the
combination of Travelex and Apax Partners will represent a powerful
force in the marketplace, and help us to achieve the ambitious
goals we have set for the business.
We see significant opportunities to grow Travelex's business in
Asia, Africa, and the Middle East. These are regions where Standard
Chartered has a strong network, and we are very excited to be
exploring with them ways to leverage our complementary skills in
Stephen Green, Partner who heads Apax Partners' Business and
Financial Services team, said: "We are delighted to enter into
partnership with Lloyd Dorfman at this exciting time for Travelex.
Apax Partners is committed to supporting the global growth of
Travelex's corporate and consumer payment businesses."
Stephan Wilcke, a Director of Apax Partners in its Business and
Financial Services sector team, said: "Travelex is a leader in each
of its business segments. While it is globally known for its
successful bureau de change business, it also has fast growing
outsourcing and payments processing businesses."
Nick Badman, 3i Director, commented: "Travelex has been a great
success story and a fabulous investment for 3i. 3i works in
partnership with strong management teams to create value and
Travelex is a great example of this. We are delighted also that we
will be able to continue work with Travelex, Lloyd and Apax
Partners to create further value".
The transaction is expected to close in July 2005.
Freshfields Bruckhaus Deringer and Dechert LLP acted for Apax
Partners and Travelex respectively. Citigroup advised Apax Partners
on the transaction. Deutsche Bank advised Travelex.
For further information, please contact:
T: +44 (0) 20 7400 4000
T: +44 (0) 20 7872 6350
T: +44 (0) 20 7872 6476
T: +44 (0) 20 7975 3283
T: +44 (0) 20 7360 4900
Notes to Editors
Apax Partners is one of the world's leading private equity
investment groups, operating across Europe, Israel and the United
States. With over 30 years of direct investing experience,
Apax Partners' Funds provide long-term equity financing to build
and strengthen world-class companies. It pursues a balanced equity
portfolio strategy, investing in late venture, growth capital and
Apax Partners' Funds invest in companies across its 6 chosen
global sectors of information technology, telecommunications,
healthcare, media, financial/business services, retail and
consumer. Apax Partners' Funds investments include Global Refund,
Azimut, MoneyBox, Independer, Yell, VNU World Directories and
For additional information, see: http://www.apax.com/
Travelex is the world's largest non-bank provider of commercial
foreign exchange services, providing integrated payment solutions
for business customers globally. The Group is also one of the
world's leading providers of outsourced travel money to banks,
travel agencies and other financial institutions. In addition,
Travelex operates over 700 retail foreign exchange branches around
the world. For more information, see: http://www.travelex.com/