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									                                                                                    For immediate release
                                                                                               30 July 2010




              Palamon sells Australian businesses of Retail Decisions for €243 million

Palamon Capital Partners (“Palamon”), one of Europe’s leading mid market private equity firms, is
pleased to announce the sale of the Australian business units of its portfolio company, Retail Decisions
(“ReD”), for AUD 353 million (€243 million) to the US fleet and corporate card specialists, Wright
Express Corporation, a New York Stock Exchange listed company. Completion of the transaction is
subject to regulatory approvals.

ReD, a world leader in payment processing and payment fraud prevention headquartered in the United
Kingdom, was bought by Palamon in a take-private in December 2006. Since Palamon’s investment,
ReD has delivered strong growth performance, building on its undisputed market leading positions. The
Australian businesses being sold comprise ReD Fuel and ReD Prepaid. ReD Fuel is Australia’s largest
multi-branded fuel card issuer with 270,000 cards in circulation and their fleet cards are accepted at
90% of Australian fuel retailers. ReD Prepaid is the market leading processor of prepaid cards in
Australia with approximately 60% market share. The revenue of the combined business units is
AUD 58 million (€40 million) and has grown 30% during Palamon’s period of ownership of the business.

Proceeds from this transaction will be used to repay all of ReD’s debt and to make a distribution to
shareholders. Palamon and its co-investors, Morgan Stanley Alternative Investment Partners and
AlpInvest Partners, will receive a payment equivalent to substantially all of the initial investment and will
retain their controlling ownership in ReD.

This transaction follows the sale last year of ReD’s UK fuel card business. Following the sale of the
Australian businesses, ReD will consist of payment fraud prevention and processing business active in
Europe, the Americas, Asia-Pacific and South Africa.

Fabio Massimo Giuseppetti, a Partner at Palamon Capital Partners commented “We are delighted to
announce the sale of ReD’s market leading Australian fuel card and prepaid card businesses. This
transaction allows Palamon to return substantially all of our investment in ReD to investors. This is
Palamon’s third exit in 2010 and with this transaction Palamon will have realised aggregate proceeds on
its investments this year to date in excess of €170 million.”

Jaime-Enrique Hugas, a Principal at Palamon Capital Partners commented “This transaction is a great
outcome for Palamon, ReD and the management and employees of the Australian businesses.
Following this transaction, we will continue to build out ReD’s fast growing payment fraud prevention
business by penetrating new markets and customer sectors.”

Carl Clump, Group Chief Executive of ReD, commented “We are proud of the growth and market
leadership that ReD Australia achieved. Under ReD’s management ReD Fuel moved from being the
third largest Australian multi-branded fuel card to being the market leader and achieving profitability
increases of over 15 fold. Similarly, ReD Prepaid grew from a small loss making business to a
profitable and rapidly growing one with a dominant market share. I now look forward to continuing to
work with Palamon as we accelerate our ambitious growth plans for our payment fraud prevention
business.”
For further information

Palamon Capital Partners
Annette Wilson
Fabio Giuseppetti
Jaime-Enrique Hugas
Tel. +44 20 7766 2000

Citigate Dewe Rogerson for Palamon Capital Partners
Patrick Evans
Georgiana Brunner
Tel: +44 20 7638 9571


Notes to the editors

Palamon Capital Partners
Palamon Capital Partners is an independent private equity partnership founded in 1999 and focused on
providing equity for European growth services companies. Palamon originates, executes and manages
investments across Europe. The firm targets investments in companies where the partnership’s
experienced investment professionals can provide strategic direction and help build equity value.

The Firm manages Palamon European Equity and Palamon European Equity II, capitalised at
€1.1 billion. This makes one of the largest pools of private equity capital dedicated to growth investment
opportunities in Europe’s mid market arena.

For more information on Palamon refer to www.palamon.com.
 

Retail Decisions
Retail Decisions (ReD) is a world leader in card fraud prevention and payment processing. A specialist
supplier to the payments industry worldwide, ReD has over 20 years experience in the fraud prevention
market. Its blue-chip international clients come from the global telecommunications, retail, travel,
petroleum, banking and the broader e-commerce sectors. They include Wal-Mart, Macy's,
Bloomingdale's, Sears, Tesco, Texaco, Shell, Asda, Boots, John Lewis, The Carphone Warehouse,
Comet, Travelocity, T-Mobile and Virgin Mobile. The company has offices in the United States, Europe,
Australia, China and South Africa with representation in India, Japan, and South America.

For more information on ReD refer to www.redplc.com.


Palamon advisors to the transaction
Corporate Advisors:               Morgan Stanley Australia Limited
Accounting and tax advisors:      PriceWaterhouseCoopers (Australia)
Legal advisors:                   Maddocks (Australia) and Slaughter and May (UK)

								
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