Background and Challenge

The client was a leading European provider of tax-free and currency services for retailers.

The private equity owner was preparing the business for an eventual exit and needed a new strategy to accelerate growth.

Once the new strategy was developed, a structured and comprehensive activation program was required to implement the recommendations.

Approach and Recommendations

Initially, L.E.K. conducted a comprehensive strategic review covering over 10 work streams — these ranged from customer segmentation to pricing, organizational review and operations improvement.

Subsequently, we put in place a fast-paced and structured value activation program to support management in implementing the changes required:

  • Led detailed design of initiatives
  • Coached and supported management team to implement and deliver initiatives
  • Enabled project governance and acted as thought partner to the senior team and board


  • The new strategy was fully approved by the board and the management team
  • Critical initiatives were fully implemented over the course of eight months
  • Private equity owner successfully exited the business, and in three years of ownership, EBITDA more than doubled and exit valuation was 3.4x higher than the consideration paid at entry