AXA invests in Ticket Surf International

The private equity house invested through its Innovation & Growth funds while the minority shareholders have exited the business.

With the support of AXA, TSI will look to bolster its position in the French online gaming market as well as expand its international operations. A launch of a prepaid Mastercard and an electronic wallet is also in the pipeline.

Debt
LCL and Banque Populaire provided a debt package to support the transaction.

Company
Founded in 2003 under the umbrella of telecommunications group Orange, TSI spun off in 2005. Since then the company has established a wide range of products, including prepaid cards for online gaming, and a presence in over 20 countries with 27,000 points of sale. TSI is authorised as an e-money issuer by the Banque de France, which enables it to market its products throughout the EU. In 2010 it generated revenues of €4.8m from transactions worth around €100m.

People
Antoine Lacour and Laurent Foata handled the transaction for AXA Private Equity.

Advisers
Equity - HPML, Vincent Libaud (Legal); Fiduciaire Leydet, Didier Amphoux, (Financial due diligence)
Company - Largillière Finance, Paul Bougnoux, Tanguy Mantelin (Corporate finance)

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• Topics
• France
• Buyouts
• Technology
• France
• Axa Private Equity
• Small-cap buyout