Apax Partners sells Global Refund to Barclays Private Equity
7 August 2007
London, 7 August 2007 – The shareholders of Global Refund Holdings BV (“Global Refund” or the “Company”), which include funds advised by Apax Partners, the private equity firm, are pleased to announce that they have reached an agreement for the sale of the Company to Barclays Private Equity. As part of the transaction, the management team of Global Refund will continue to be substantial shareholders in the Company. The transaction values the Company at more than €360 million. The deal marks the second recent successful exit for Apax Partners following the sale of Healthcare at Home to Hutton Collins last week.
Founded in 1980, Global Refund is an international provider of travel-related financial services, processing approximately 14 million transactions each year. Global Refund’s Tax-Free Shopping business is the leading provider of VAT refund services, offering its service through more than 230,000 retail locations worldwide. Global Refund also has a fast-growing dynamic currency conversion service, First Currency Choice, which has grown strongly since its launch in 2001. Global Refund generated EBITDA of €30.8 million in the year to March 2007.
Commenting on the sale, Stephen Green, head of Financial & Business Services at Apax Partners, said: “We are pleased to achieve a successful result from our partnership with Global Refund. We have taken a long-term approach to creating value, working with management to enter new markets and launch new products, which has positioned Global Refund for growth into the future. We wish the team every success going forward”.
Hawkpoint Partners Limited acted as financial advisor to Apax Partners.
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NOTES TO EDITORS
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services.
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