Exponent backs MBO of Fintrax Group

The selling parties are the Barry Family Trust and management, although the entire management team re-invested in the deal.

Capital for the investment was sourced from Exponent Private Equity Partners II, which closed on £800m in December 2007.

Company
Fintrax Group is based in Galway, Ireland, and was founded in 1985. It specialises in multi-currency payments, credit card processing and VAT refunds. The latter has been covered under its Premier Tax Free service since 1986. The service is now used by more than 80,000 retailers globally. The company also offers electronic gift cards via Premier Electrum as well as treasury and foreign exchange services via Fintrax Treasury Services.

The business employs more than 400 people in 26 countries.

People
Upon completion of the deal, John Moore will join Fintrax as chairman. Richard Lenane, partner, led the deal on behalf of Exponent. Catriona O'Farrell is CEO of Fintrax.

Advisers
Company - Raglan Capital (Corporate finance). 

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• Topics
• Buyouts
• UK / Ireland
• Financials
• Ireland
• Exponent Private Equity