PE-backed Travelex Buys Grupo Confidence

British foreign exchange company Travelex, which is owned by private equity firm Apax Partners, has acquired Brazilian peer Grupo Confidence, Reuters reported. The deal is part of Travelex’s strategy to expand into emerging markets. Terms of the deal were not released.

(Reuters) – British foreign exchange company Travelex has agreed to buy Brazilian peer Grupo Confidence, as part of Travelex’s plans to expand into fast-growing emerging markets.

Travelex did not disclose how much it had paid for Grupo Confidence, but added that the Brazilian company had 2010 revenues of 36.4 million pounds ($58.01 million) and a pretax profit of 6.3 million.

Travelex said Brazil’s retail foreign exchange market was currently worth around $17 billion and was expected to grow, helped by events such as hosting the 2014 soccer World Cup.

Travelex is majority-owned by private equity company Apax. ($1=.6274 Pound) (Reporting by Sudip Kar-Gupta; Editing by Jon Loades-Carter)