UK-based private equity house Exponent Private Equity has acquired Fintrax Group Holdings for 170 million euros ($211.2 million) from majority shareholder the Barry Family Trust and management. Fintrax, which employs over 400 people across 26 countries, specialises in multicurrency payments, VAT refunds and credit card processing.
Exponent Private Equity (“Exponent”), today announces the acquisition of Fintrax Group Holdings Ltd (“Fintrax”) for a consideration of €170 million from majority shareholder the Barry Family Trust and Management.
Fintrax, which employs over 400 people across 26 countries, specialises in multicurrency payments, VAT refunds and credit card processing. It has been a leading provider of payment services to overseas visitors and international organisations for the past thirty years through its VAT refund business, Premier Tax Free, which now services over 80,000 retailers worldwide. The company also offers electronic gift cards for the gift card market via Premier Electrum, and specialist treasury and foreign exchange services through Fintrax Treasury Services Limited. Fintrax also trades under its ¥€$ brand to offer multi-currency payments and processing solutions for banking and retail institutions. The company enjoys a proud reputation for long-term strategic partnerships and delivering a quality service to international high-end luxury shopping brands.
Exponent is backing the existing management team who are all re-investing in the deal. In addition Exponent has appointed John Moore as Chairman. John is a former Dell executive who has worked closely with Exponent for a number of years and also chairs investee companies Gorkana Group and Group GTI.
Catriona O’Farrell, CEO of Fintrax, commented: “We are delighted to have the support of Exponent in what is a very exciting period of development for the company. Fintrax’ success to date is both a testament to our staff and to the company’s ability to cultivate creative and innovative technology for merchants. This investment will propel Fintrax onto the next stage of our plan for growth and development.”
Mark Taylor, Director at Exponent, said: “We look forward to working with the management team at Fintrax as they look to further expand the business. As a pioneer in the processes and technology which enable VAT refunds for tourists around the world, Fintrax is well positioned to benefit from the dramatic growth in BRICS tourism which has fuelled demand in the space.”
Also commenting on the acquisition, Richard Lenane, Partner at Exponent, said: “Fintrax enjoys exposure to some of the fastest growing segments of the global economy and as such represents an exciting investment for Exponent. We will support this very successful team as it continues to rollout its market leading technology and invests to further expand the business in new markets.”
About Exponent Private Equity
Exponent is a private equity firm investing in businesses with an enterprise value of between £75m and £350m. It typically targets companies that are prominent and distinctive in their markets, are capable of operational improvement, and in which Exponent can back best-in-class management in order to create value. Formed in 2004, it deployed its first fund of £400m in nine investments before raising a second fund of £800m, and is currently investing from this second fund. Most recently Exponent announced its acquisition of Quorn Foods, the Meat-alternative business purchased from Premier Foods plc, Pattonair, a service provider to the aerospace industry from Umeco plc, and Immediate Media, the magazine business purchased from the BBC.
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