Tue, 27/05/2014 - 16:01
Entrepreneur and philanthropist Dr BR Shetty is teaming up with equity partners associated with UAE investment firm Centurion Investments to acquire Travelex from Apax Partners.
Following completion of the transaction Lloyd Dorfman will be founder and president of Travelex and remain a shareholder. Peter Jackson, chief executive officer of Travelex, together with the existing management team, will continue to lead the company.
Dr Shetty’s principal investment portfolio includes significant holdings in nmc Health plc, UAE Exchange and Neopharma, as well as investments in hospitality, food and beverage businesses.
Centurion is an investment vehicle based in Abu Dhabi, owned and controlled by His Excellency Saeed Bin Butti Al Qubaisi, with a range of business interests.
Travelex is the world’s leading independent retail foreign exchange business. Over the past 38 years, it has built the world’s largest retail network of specialist foreign exchange stores.
Travelex will remain independent and be managed separately from UAE Exchange for the foreseeable future.
Dr Shetty says: “I am delighted to be acquiring Travelex, a trusted and recognised global brand inspired by Lloyd Dorfman’s vision. With an attractive growth strategy and an experienced management team Travelex has demonstrated its ability to execute on strategy, to innovate and to deliver strong financial results. I am looking forward to working with Lloyd, Peter and the Travelex team. This is a landmark transaction for Abu Dhabi.”
Jackson says: “The sale of Travelex to Dr Shetty is an exciting new chapter for our business and represents a great opportunity for us to continue our expansion. Dr Shetty has developed a great business in UAE Exchange, with an impressive and successful payments and remittances offering which is highly complementary to Travelex. While we will continue to operate Travelex independently, the opportunity for both businesses to work closely together is compelling.”
The proposed acquisition will be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion.
The acquisition is subject to customary regulatory and other approvals and consents.
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