(London) 9 March 2005 – LAWFUEL – The Law News Network – International law firm Dechert LLP advised long-standing client Travelex, the world’s largest foreign exchange specialist, on its proposed sale for over £1bn to funds advised by Apax Partners, a private equity firm.
Travelex is a high profile global brand with offices in 35 countries and corporate relationships in 110. As a result of its recent strategic review, the company is also now exploring opportunities to work in conjunction with Standard Chartered’s network across Asia, Africa and the Middle East. The sale represents an impressive gain for Lloyd Dorfman, Travelex’s founder and 63 per cent shareholder, and private equity group 3i, which holds the majority of the rest of the equity in the company. Mr. Dorfman, who will carry on as Chairman and CEO, will retain a 30 per cent stake in the Group following completion of the acquisition while 3i will retain a 7 per cent stake.
The London-based Dechert team advising Travelex was led by Corporate Partner Michael Steinfeld (Relationship Partner) and Private Equity Partner Brian McCall (Lead Transaction Partner). Private Equity Partners David Wallis and Mark Davis also played critical roles in negotiating the agreement. Tax, Employment and Property advice was provided by partners David Gubbay, Charles Wynn-Evans and Andrew Hutchinson respectively. Corporate Associates Paul Rosen, Helen Hunsperger, Tim Bird, James Stonehill, Nick Watson and Andrew Harrow assisted on the corporate front, while Renzo Marchini advised on IT-related matters.
In the United States, competition advice was provided by Partner Stephen Stack in Philadelphia, assisted by Of Counsel Reid Horwitz and associate Jennifer Coon in Washington D.C. US Tax advice was provided by Partner Michael Hirschfeld in New York.
In Europe, Brussels Partner Isabelle Rahman provided EU Competition advice, assisted by associate Kathleen Dierckx.
Apax Partners was advised by Freshfields Bruckhaus Derringer.