Barclays backs Global Refund MBO

Barclays Private Equity has agreed to support the secondary buy-out of Global Refund, a VAT refund specialist.

The management of the company, which helps people shop tax-free in foreign countries, continue to be substantial shareholders.

Global Refund was sold by funds advised by Apax Partners, in a deal that values the company at some £248 million.

Barclays’ appointed L.E.K. Consulting to manage a commercial due diligence review of Global Refund.

The review was led by partners Neil Bindoff and Dominic Miles, who undertook a detailed analysis of the drivers of demand for the firm’s tax-free shopping settlement services.

“Global Refund’s growth looks set to continue, supported by the continued increase in global travel,” Bindoff said.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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