Dubai: UAE based entrepreneur Dr. B.R. Shetty and equity partners associated with Centurion Investments (Centurion), a UAE investment company on Friday announced that they have entered into an agreement to acquire Travelex Holdings Limited (Travelex), a leading foreign exchange specialist.
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.
Travelex is currently owned by Apax Partners, Lloyd Dorfman (Founder and Chairman of Travelex) and other shareholders. 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.
“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,” said Dr Shetty.
Centurion is an investment vehicle based in Abu Dhabi, owned and controlled by Saeed Bin Butti Al Qubaisi, with a range of business interests.
Travelex is the world’s leading independent retail foreign exchange business. It has a globally diversified geographic footprint, which includes almost 1,500 stores and over 1,300 ATMs in 27 countries.
Following the acquisition Travelex will remain independent and be managed separately from UAE Exchange for the foreseeable future.
“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. While we will continue to operate Travelex independently, the opportunity for both businesses to work closely together is compelling,” said Peter Jackson, Chief Executive of Travelex.
