MUMBAI: Dr B. R. Shetty, the Moneydart fame Middle-East based Indian entrepreneur together with equity partners associated with Centurion Investments (“Centurion”), of the UAE, have entered into an agreement to acquire Travelex Holdings Limited, the UK based world’s leading foreign exchange specialist.
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. He is the Founder and Chief Executive Officer of NMC Health plc, the UAE’s largest private sector healthcare provider, which is listed on the London Stock Exchange and is part of the FTSE-250 index.
UAE Exchange is a leading global money transfer and foreign exchange provider headquartered in the UAE. UAE Exchange was founded in 1980 and has a fast-growing international presence which today spans 32 countries with over 700 offices. Neopharma is the first company of its kind to engage in pharmaceutical manufacturing in Abu Dhabi, with state-of-the-art facilities.
Centurion is an investment vehicle based in Abu Dhabi, owned and controlled by His Excellency Saeed Bin Butti Al Qubaisi, with a range of business interests.
Commenting on the acquisition, Dr Shetty, said: “I am delighted to be acquiring Travelex, a trusted and recognized global brand inspired by Lloyd Dorfman’s vision.
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.”
Travelex is the world’s leading independent retail foreign exchange business. Over the past 38 years, it has built the world’s largest retail network of specialist foreign exchange stores and has developed Travelex as a trusted and widely recognized brand in foreign exchange.
Lloyd Dorfman, Founder and President of Travelex, will remain a shareholder. Peter Jackson, Chief Executive Officer of Travelex, together with the existing management team, will continue to lead the Company. He said: “I look forward to supporting Dr Shetty, Peter and the rest of the management team.”
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.
The acquisition will not result in additional debt being incurred by Travelex in connection with the financing of the acquisition and, other than in respect of the reorganization of existing shareholder interests as a consequence of the transaction, it is intended to maintain the existing capital structure of Travelex.
Frank Fernandes
India Post News Service
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