Exponent Private Equity (Exponent) has announced an agreement to sell Fintrax, one of the world's biggest providers of tax free shopping and dynamic currency conversion, to French private equity firm Eurazeo for EUR585 million.
Allen & Overy is advising Exponent on this transaction, with a team led by Corporate Private Equity partner Gordon Milne and assisted by associate Tom Jokelson. The team advised Exponent when they bought the business in 2012 and this deal represents the fourth transaction for Exponent in recent months. Allen & Overy also advised Exponent on the acquisition of BBI Diagnostics from Alere, Inc., on the sale of Quorn Foods to Monde Nissin Corporation and is advising them on the proposed acquisition of Photobox Group (with Electra Partners).
Gordon Milne, Corporate Private Equity partner at Allen & Overy, commented: "This is the latest in a string of impressive exits for Exponent. After acquiring the business in 2012 they strengthened the management team, invested in the business and worked hard alongside management to support expansion into new markets. They recognised and capitalised on macro trends including an increased appetite for international travel and luxury goods, and a growing middle class in emerging markets. As a result, the EBITDA of the group grew by more than 250% during their ownership."
Fintrax attracted interest from a number of bidders in a competitive auction process. It follows broader interest in the payments sector this quarter, which also saw the successful IPO of Worldpay in October.
The transaction is expected to close before the end of the year.
The transaction adds to a significant list of private equity deals on which Allen & Overy has advised in 2015, including advising:
* PAI Partners on the proposed EUR3bn joint venture between its portfolio company R&R Ice Cream and Nestlé.
* OMERS Private Equity and AIMCo on their USD1.7bn acquisition of ERM from Charterhouse Capital Partners.
* Exponent Private Equity on the acquisition of Photobox Group, on the GBP550m sale of Quorn Foods to Monde Nissin Corporation and on the USD164m acquisition of BBI Diagnostics from Alere, Inc.
* Lone Star Funds on their acquisitions of Balta Group from Doughty Hanson and their public-to-private of Quintain Estates and Development plc.
* Charterhouse Capital Partners on its sale of Deb Group to US household products company SC Johnson.
* PAI Partners on its acquisitions of A/S Adventure and Snow & Rock.