Bahrain, August 19, 2013 - Investcorp, a leading provider and manager of alternative investment products, announced today that it has agreed the sale of Skrill Group to funds advised by CVC Capital Partners for a total enterprise value of €600 million (US$800 million), subject to regulatory approvals. As part of the transaction, Investcorp will retain a substantial minority position in the company and will continue to retain a seat on the Skrill board.
Founded in 2001, Skrill is one of Europe's largest online payment systems and among the world's largest independent digital wallet providers with over 36 million account holders. The Skrill Digital Wallet enables any customer to make online payments conveniently and securely, as well as to send and receive money online instantly and in a cost-effective manner. Skrill's mission is to be the preferred choice to pay and get paid globally.
Investcorp initially invested €25 million for a controlling stake in the company in March 2007 when Skrill generated revenues of €7.8 million and EBITDA of €3.7 million. Today, Skrill employs approximately 700 people and for the year ending 31 December 2012, generated over €200 million in revenues and €50 million in EBITDA.
Mohammed Al-Shroogi, President for Gulf Business at Investcorp said: "Skrill has been a high-quality investment for Investcorp. We are proud to have supported the management from the beginning of our partnership and happy to have helped them build a strong presence within the online payment and digital wallet platforms worldwide. As we continue to retain a minority stake in Skrill, we look forward to continuing to partner with the management team as it strives to continue to create value and realize the company's full growth potential."
Investcorp's European Corporate Investment team is experiencing its most active investment period in the firm's 30 year history. Over the last nine months, the team have invested in three new portfolio companies: Tyrrells, the premium crisps and snacks maker, Hydrasun, the leading oil services provider, and the Scandinavian luxury brand, Georg Jensen. In the last twelve months, the team have successfully exited a number of its European portfolio companies including Armacell, the German developer of technical insulation materials, IPH Group, a leading French distributor of industrial supplies, and partially exited its investment in Fleetmatics, the Irish-based leading global provider of fleet management solutions for commercial fleet vehicles which is listed on the New York Stock Exchange.
Investcorp was advised on the transaction by Barclays (M&A) and SJ Berwin (legal).
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About Investcorp
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in the Kingdom of Bahrain, New York, London and the Kingdom of Saudi Arabia. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at June 30, 2013, Investcorp had $10.5 billion in total assets under management.
Further information is available at www.investcorp.com.
Media Contacts:
Investcorp
Firas El Amine
+973 3998 7838
felamine@Investcorp.com
FTI Consulting
Shane Dolan or Racha Mhanna
+971 4 437 2100
shane.dolan@fticonsulting.com racha.mhanna@fticonsulting.com
© Press Release 2013
