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Travelex, the foreign currency and global and financial services business, is close to completing an acquisition, according to investors in the group’s LBO debt.
The debt sources said that management of Apax-controlled Travelex told investors at a recent bank meeting that the group might make an acquisition soon. One source commented that he understood Travelex to be in “the final stages of an acquisition.” A Travelex spokesperson commented: “For a global company like Travelex, business development will always be important and, naturally, we are keen to identify growth opportunities where appropriate to our core business.”
Sources were in agreement that the potential acquisition would be a company which already operates in one of Travelex’s three core businesses: Travel Money; Commercial FX; or Travel Outsourcing. A second source, who cited knowledge of the company strategy, disagreed with the timing of any deal, although he did confirm the group was looking ”at several opportunities.” He said no announcement was imminent, adding that six to nine months was a more realistic timeframe. New CEO Ian Meakins and CFO John Martin drew sound support from debt investors. “The new CEO has been brought in to head up the operational side of things,” commented a second investor, adding that the CEO is also expected to oversee the potential acquisition and eventually spearhead a potential float.
Travelex, in which 3i also holds a stake, is the world’s largest non-bank provider of commercial foreign exchange services and it was valued at more than GBP 1bn at the end of last year. It currently operates in 35 countries, employing more than 6,000 staff.
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