PRINT THIS PAGE Apax close to buying foreign exchange group Travelex for £1bn22/02/2005. Source: AltAssets. 
 European private equity firm Apax is in exclusive talks to buy Travelex for £1bn in a deal that could be signed by the middle of next month, according to reports. The business attracted considerable attention from other large buy-out groups, including BC Partners, Permira and US private equity giant KKR.
Travelex, founded in 1976, operates more than 670 retail foreign exchange branches around the world. At present 63 per cent of the firm are owned by Lloyd Dorfman and 31 per cent by European private equity firm 3i.
Apax, BC Partners and KKR are all in the process of raising new funds for investing in Europe or on the brink of launching new vehicles. Apax had a first close on its new buy-out fund on around €3bn at the end of last year. Permira closed its €5.1bn fund in the middle of 2003.
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