Reuters: Private Equity: Private equity shops buy Global Blue for 1 bln eur

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Private equity shops buy Global Blue for 1 bln eur May 24th 2012, 08:06 By Simon Meads LONDON | Thu May 24, 2012 4:06am EDT LONDON May 24 (Reuters) - Private equity groups Silver Lake and Partners Group have agreed to buy Swiss-based tax-free shopping business Global Blue for 1 billion euros ($1.3 billion) from rival Equistone, another signal that buyouts are picking up. Silver Lake and Partners Group beat a handful of other buyout groups including BC Partners, EQT and TH Lee to buy the fast-growing business. Headquartered in Nyon, Switzerland, Global Blue's tax-free shopping business helps overseas travellers into Europe reclaim sales tax on their shopping and offers its service through more than 270,000 retail locations worldwide. Equistone, formerly Barclays Private Equity, bought Global Blue in 2007 in a deal valuing the business at 360 million euros. Since then, Global Blue revenues have doubled earnings before interest, tax amortisation and depreciation have nearly tripled to 97 million euros.

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