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Equistone wins ‘Mid-market Exit of the Year’ at unquote” British Private Equity Awards with €1bn Global Blue deal

08 Oct 2012

Equistone Partners Europe Limited is pleased to announce that it has won the 2012 Mid-Market Exit of the Year award for its €1bn exit of Global Blue (the “Company”) at the unquote” British Private Equity Awards 2012.

Global Blue is the world’s leading provider of tourist sales tax refunds and related services and was sold in a competitive auction process to Silver Lake and Partners Group in May 2012.

The deal is one of the largest in Europe so far this year, generating impressive returns for investors and taking the total capital returned to Equistone investors to over 60% of Fund III.  The award recognises Global Blue’s performance over the last five years including diversification of its product offering, successful re-branding, geographic expansion, and increasing its workforce by over 60% despite the economic downturn.

During Equistone’s investment period, the number of transactions handled by Global Blue doubled from c.14 million to 27 million. Additionally, revenues doubled and EBITDA nearly tripled, increasing from c.€35m to c. €97m.

Owen Clarke, Chief Investment Officer, who led both the original investment in Global Blue in 2007 and the exit, commented:

“We are delighted to have been honoured with this award, which recognises the hard work of all the individuals involved in developing Global Blue so successfully despite challenging market conditions in the international travel sector and pressure on consumer spending. Equistone is proud to have been able to support the Company and its excellent management team through to a highly successful exit.”

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