Apax Partners exits foreign exchange business Travelex


xchangePrivate equity firm Apax Partners has exited its majority stake in retail foreign exchange business Travelex to UAE Exchange CEO B R Shetty and Centurion Investments equity partners.

Since being acquired by Apax in 2005 Travelex has grown geographically and through innovative product expansion.

The company posted an EBITDA of £80.1m on revenues of £695m last year.

Apax co-CEO Andrew Sillitoe said, “Since Apax Funds took an ownership stake in 2005, we have worked closely with Lloyd Dorfman and the management team to transform Travelex into a stronger company, expanding the business through new markets and product offerings, and improving operational performance.

“The team has accomplished a great deal and we have every confidence in the business’s long-term prospects.”

Earlier this month it was reported that Travelex was considering an IPO after seeing its profits soar 266 per cent in the first quarter.

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