Fintrax, a Galway based company is setting itself for an agreement today where French private equity player, Eurazeo, will sign to buy their business for €585m. Having being bought by British parent company, Exponent Private Equity three years ago for €170 million, today’s sale will mean Exponent more than tripled their money since 2012.
Founded in 1985, the company is headquartered in Galway and employs more than 400 people across 26 countries. Fintrax is the world’s second biggest player in processing tourist VAT refunds on behalf of retailers and governments.
The year before Exponent bought it, Fintrax completed about 3.7 million of these transactions using the Premier Tax Free brand, which services more than 80,000 retailers around the world. This returned about €225 million to international travelers in 2011. Fintrax also provides multi-currency payments and processing solutions for banks and retailers. It earns commissions for each transaction.