Fieldfisher advised the shareholders behind Currencies Direct on its sale to Palamon Capital Partners and Corsair Capital. Palamon Capital Partners, a pan-European growth investor, and Corsair Capital, a leading private equity investor in global financial services have signed an agreement to jointly acquire control of Currencies Direct (“the Company”), a leading specialist provider of foreign exchange (“FX”) and international payment solutions to private and corporate clients. The transaction value exceeds £200 million.
The acquisition is structured so that Currencies Direct management will increase their ownership position in the company and will also include continuing equity participation by the firm’s principal founder, Mayank B Patel OBE, who will become Honorary President.
Currencies Direct’s Private FX segment provides foreign exchange services to more than 150,000 registered retail clients. Its Corporate FX segment offers foreign exchange services to small medium enterprise (“SME”) clients for import / export-related activities across a variety of industries, including the e-commerce segment. The Company distributes its products and services through a multi-channel distribution network, which includes a strong network of affiliate partnerships. Currencies Direct has established market presences in the UK, Continental Europe, Australia, South Africa and the US, and is well positioned to continue to expand internationally. The retail and SME FX market is worth over £3 billion in the UK alone.
Fieldfisher's team was led by corporate partner David Wilkinson, assisted by partner Nicholas Thompsell and directors Tom Martin and Guy Burman. The team also comprised tax partners Andrew Prowse and Derek Hill, pensions partner Mike Calvert, director David Clark.
Slaughter and May advised Palamon Capital Partners and Corsair Capital.
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