Eurazeo buys Fintrax from Exponent

The deal saw Eurazeo invest €300m in the company, valuing Fintrax at €550m. A further €35m is payable based on 2016 performance – bringing the total deal value up to €585m.

Eurazeo will continue to support Fintrax's growth strategy of expanding internationally, with a focus on Asia.

Previous investment
Exponent acquired a majority stake in Fintrax in August 2012 in a deal valued at €170m, according to unquote" data. Exponent purchased the company from the Barry Family Trust and invested via its Exponent Private Equity Partners II fund, which closed on £800m in December 2007.

Since 2011, Fintrax has witnessed revenue growth of 20% per year and EBITDA growth of 31% per year. Exponent also supported the company in appointing a new CEO.

Company
Established in 1985 and based in Ireland, Fintrax is the parent company of Premier Tax Free, a tax-free shopping business that enables international travellers to claim back VAT on retail purchases. Fintrax also offers dynamic currency conversion services (DCC), which enable international travellers to pay for goods and services in their own currency in shops, hotels and restaurants.

Fintrax is active in 30 countries and works with 14,000 retail merchants. It claims it generates around €5bn of eligible tax free sales each year.

Main clients include luxury and retail brands including Chanel, Gucci, Michael Kors and Ralph Loren.

For the year to July 2015, Fintrax reported revenues of €198m.

People
Marc Frappier is managing director of Eurazeo. Patrick Waldron is CEO of Fintrax. Mark Taylor is a partner at Exponent.

Advisers
Vendor – Jeffries (M&A); LEK (Commercial due diligence); KPMG (Financial due diligence); Allen & Overy (Legal); GK Political (Political due diligence).
Management – Macfarlanes (Legal).

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• Topics
• Exits
• Buyouts
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• UK / Ireland
• Exponent Private Equity
• Eurazeo
• Ireland