Barclays Private Equity backs €360 million buy-out of Global Refund
Barclays Private Equity has agreed to back the Secondary Management Buy-Out of Global Refund, a market leading international provider of travel–related payment services, from funds advised by Apax Partners. The acquisition adds to Barclays Private Equity’s strong track record of investing in the financial services sector. Past investments include Admiral Group, Lending Solutions, Cabot Financial Albingia and FirstAssist. This week also saw Barclays Private Equity agree the sale of Direct Group, another investee company in the financial services sector.
Founded in 1980, Global Refund is a leading international provider of travel-related financial services, processing approximately 14 million transactions each year with operations in 37 countries. 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 substantially since its launch in 2001.
The management team, led by Chief Executive Per Setterberg, also invested in the deal. Owen Clarke and Dominic Geer of Barclays Private Equity will become non executive directors of the business.
Dominic Geer, Director, Barclays Private Equity commented: “We are delighted to be supporting a strong management team that has demonstrated the ability to successfully develop the business in both benign and difficult market conditions. Global Refund is in a great position to take advantage of the long term growth trends in both international travel and spending on luxury goods”.
Steven Silvester, Joyce Wong and Tamsin Collins of Barclays Private Equity also worked on the deal. p>
Pressekontakt
DEUTSCHLAND / SCHWEIZ / NIEDERLANDE
München, Zürich, Amsterdam
- IWK Communication Partner
- Ira Wülfing / Florian Bergmann
- Tel: +49 (0)89 2000 30 30
- E-Mail IWK
FRANKREICH
Paris
- Brunswick
- Agnès Catineau/Aurélia de Lapeyrouse
- Tel: +33 (0)1 53 96 83 83
- E-Mail Brunswick
UK
London
- Hawthorn Advisors
- James Davey / Daniel Thomas / Stephen Atkinson
- Tel: +44 (0)20 3745 4960
- E-Mail James Davey
- E-Mail Daniel Thomas
- E-Mail Stephen Atkinson
Birmingham
- MC2
- Amy Cantrill / Emma Gage
- Tel: +44 (0)161 236 1352
- E-Mail Amy Cantrill
- E-Mail Emma Gage
Manchester
- MC2
- Liam Buckley
- Tel: +44 (0)161 236 1352
- E-Mail Liam Buckley