Galway Bay fm newsroom – A French private-equity firm has bought a majority stake in a Connemara based company, for more than 300 million euro.
Eurazeo has today confirmed the purchase of a 90 percent share in Fintrax, based in Ballinahown in Connemara.
Eurazeo is one of the leading investment companies in Europe with a portfolio of over 5 billion euro in assets.
It’s a major shareholder in companies such as AccorHotels and Europcar.
Fintrax was set up in 1985 as Cashback Limited, which facilitated VAT refunds for international visitors to Ireland.
It’s the parent company to Premier Tax Free and now operates in 30 countries serving 14 thousand retail merchants.
Its main clients include, Chanel, Gucci, Michael Kors and Ralph Lauren.
Fintrax has experienced a 20 percent rise in revenues with a figure of 198 million euro to the end of July.
Eurazeo has confirmed to Galway Bay fm news that it will now own 90 percent of equity and quasi-equity in the Fintrax Group.
A figure of 300 million euro has been agreed with a further 35 million euro payable based upon its performance in 2016.
Eurazeo says Fintrax is a ‘fast-growing company, leading market positions and has a ‘strong business model.’
The remaining 10 percent of equity in Fintrax will be held by management.
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