Apax Sells Stake in Travelex to Centurion Investments

Apax Partners LLP, one of Europe’s largest private-equity firms, agreed to sell its majority stake in Travelex Holdings Ltd. to a group of investors based in the United Arab Emirates.

Bavaguthu Raghuram Shetty, an Indian-born entrepreneur, and entities linked to Saeed Bin Butti Al Qubaisi’s Abu Dhabi-based Centurion Investments will buy London-based Apax’s stake in the chain ofapex retail currency exchanges, the London-based buyout firm said in an e-mailed statement today. The price wasn’t disclosed

Lloyd Dorfman, who founded Travelex 38 years ago, will remain a shareholder and the company’s president. Apax, which had been poised to take Travelex public in an initial public offering, bought control of the chain in 2005 in a deal that valued the company at about 1.1 billion pounds ($1.85 billion).   Read


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