French investment firm Eurazeo has agreed to acquire a 90 per cent stake Galway-based Fintrax for €585 million.

The remaining 10 per cent of the company, which is a provider of VAT refunds for tourists, will be retained by Fintrax management.

"We are convinced that our experience in the luxury retail, and travel and leisure sectors, as well as our international network, notably in China and Brazil, will be major assets in the acceleration of the development of the company," Eurazeo managing director Marc Frappier said.

Founded in 1985, Fintrax is the world’s second biggest player in processing tourist VAT refunds on behalf of retailers and governments. Headquartered in Galway, the company specialises in VAT refund and dynamic currency conversion services to retailers, governments and financial institutions globally. Its ‘Premier Tax Free’ VAT refund brand is used by over 80,000 retailers worldwide.

British-based Exponent Private Equity bought Fintrax in 2012 for €170 million, netting its founder Gerry Barry and his family €119 million for their 70 per cent stake in the business.

He cut his ties with the company, but a number of his senior colleagues remained on. The company is now led by chief executive, Patrick Waldron, who is based in London.

Fintrax also provides multicurrency payments and processing solutions for banks and retailers. It earns commissions for each transaction.