Business World

Monday 20 November 2017

Suitors stalk €100m Monex

Nick Webb

Nick Webb

Monex, the fast growing €100m-plus financial services company set up by Kerry entrepreneur Frank Murphy, is being stalked by private equity and trade buyers ahead of a possible buyout.

"After the Fintrax deal, a few people are having a look," according to one source. "There's nothing formal and nothing is on the table."

The payment processing sector has become extremely sexy for potential investors following the €170m buyout of Gerry Barry's global VAT refund group Fintrax last year.

Monex is likely to become even more attractive to potential buyers as the firm is set to report bumper earnings of over €6m after exceptionals shortly as revenues soar to €75m. The Killarney group now processes over €17bn worth of transactions.

Monex is debt free, with insiders suggesting that there is "no pressure" to sell.

Company filings show that Murphy owns around 84 per cent of Monex Financial Services, with Michael Crowley owning most of the rest of the shares in the company.

Irish Independent

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