Galway Company Sold For 170m Euros

A Co. Galway businessman has sold a company he established in 1985 for a whopping €170m - effectively cashing-in for himself and his family after 27 years building a successful business.

Fintrax was 70% owned by Gerard Barry and the Barry Family Trust, and 30% by local management in the firm.

It means the Barrys made €119m from the proceeds of the sale.

Fintrax, which is based in the Tully Business Park in Baile na hAbhainn in Connemara, has two core businesses, DCC and Premier Tax Free.

DCC - Direct Currency Conversion is a software that allows tourists to pay by card in their home currency no matter where they are in the world.

Premier Tax Free gives VAT refunds to tourists on behalf of governments and retailers at airports around the world.

It's the second biggest player in that global marketplace.

Fintrax founder Gerry Barry, said it was "the right time to pass on the baton."

"I am delighted that the group's new investor, Exponent, in conjunction with the existing Fintrax management and staff, will continue to grow the group and no doubt help it to reach new heights," he added.

Exponent is a private equity firm based in London.

The management are understood to be reinvesting in the firm.

The sale of the company attracted ten different bidders and has been in the pipeline for six months.

It's the biggest deal in history for any company based in the Gaeltacht - the Irish language speaking parts of Ireland.

The company will remain headquartered in Galway and continue to employ more than 400 people across 26 countries.