French private equity firm set to buy Fintrax
Galway-based VAT refunder Fintrax is reportedly to be sold to French private equity firm Eurazeo.
The company, set up in the 1980s by Gerry Barry, was acquired by UK private equity firm Exponent in 2012 for €170m in what was thought to be the biggest ever deal for a Gaeltacht-based company. Mr Barry left the company thereafter.
Exponent saw off rival offers from interested parties in Asia, Europe and the United States. The company's headquarters are in Ballinahown.
Sky News reported that a €585m deal would be announced today. It would follow recent high-profile Exponent exits from the Quorn food brand and rail ticket company Trainline.
Fintrax's chief executive is Patrick Waldron, previously chief operating officer of Bank of Ireland retail.