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Apax Partners acquires remaining stake in Travelex

London, 06 November 2006 – 'Funds advised by Apax Partners together with Standard Chartered Bank have entered into a series of agreements with funds advised by 3i to purchase 3i's remaining 6% stake in Travelex. The transaction is due to complete within the next 5 months.'

3i originally purchased a minority stake in Travelex in 1999. In August 2005 Apax funds together with SCB purchased a majority stake from 3i and Lloyd Dorfman, the founder. 3i had retained a 6% percent equity stake and certain vendor loans in the business.

Since the Apax acquisition in August 2005, Travelex has appointed a new management team led by Clive Kahn, CEO, John Martin, CFO who joined from Hays where he was also CFO, Charles Fry, Director Business Development and Operations, from Benfield where he was Deputy CFO, David Sear, Division Head Outsourcing from Voca where he was Commercial Director, and Peter Burridge, Division Head Commercial Payments, who joined from Siebel where he was an executive committee member responsible for the Asia Pacific region.

Also since the Apax acquisition, Travelex has focused on its 3 core businesses, Commercial Payments, Outsourcing and Retail Foreign Exchange and in so doing has also disposed of its migrant money transfer business to Coinstar and its Australian ATM business to Macquarie.

Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe, Israel and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services.

For more information visit:

For further information, please contact:

Ben Harding
Tel: 020 7872 6401

Publisher Contact Information:

Apax Partners
+44 (0)20 7872 6401

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