Travelex
Private Equity-owned Companies in Times Square
1590 Broadway
Private equity owner: Apax Partners
Owned by private equity since: 2005
Deal value: $2 billion
Employees: 6,000 worldwide
How many U.S. dollars does it take to buy a Euro? Ask Travelex, the top currency exchange business in the world. Company spokesperson John McEnroe says, there really isn’t any match for cash, but Apax Partners was willing to pony up $2 billion for the business. One year after the Apax buyout, Travelex was censured for failing to disclose customer fees for its ATM machines. One person who can afford a long vacation is Travelex chairman Lloyd Dorfman—with a remaining 30% stake in the company even after the buyout, Mr. Dorfman qualified for the 2006 Forbes richest billionaires list, a distinction that is probably out of reach for most Travelex employees, who say the starting salary there is $11 an hour.
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