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Apax-backed Travelex still mulling IPO amid Q1 profit boost

12 May 2014

Apax Partners-backed foreign exchange provider Travelex is reportedly still considering a potential stock market listing after reporting a 266 per cent rise in first quarter profits.

The company benefited from an acquisition in Brazil according to Reuters, which said Travelex’s EBITDA rose to £11.7m during the quarter.

About £2.3m of that came from Brazil’s Grupo Confidence, which it bought just over 12 months ago.

Apax bought into Travelex for just over £1bn in 2005, and is eyeing a similar valuation for the IPO according to UK newspaper The Independent, which cited a source close to the pair back in October.

That initial purchase price also included Travelex’s global payments division, which was bought by Western Union for £606m in 2011 to help Travelex pay down spiralling debt.

Fellow European buyout house 3i held a seven per cent stake following Apax’s investment having been a backer of the business since 1999, while Travelex founder Lloyd Dorfman kept a 30 per cent stake.

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