Corporate services division advises on high profile UK private equity buy out deal
4 September 2014
This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.
Charles Russell has advised the senior management of Moneycorp in relation to the £212 million acquisition of Moneycorp by private equity house Bridgepoint from RBS Special Opportunities Fund (SOF).
Moneycorp is one of the largest specialist players in the foreign currency retail market targeting customers through a multi-channel offering, including a fully integrated online payments and telephone platform serving both SME corporate and private customers.
Last year, Moneycorp recorded gross income of £97.2 million and handled more than £10 billion of currency trades. Moneycorp has built a powerful origination engine through a combination of telephone based sales people, partnership referral network and a strong retail presence at strategic travel hubs such as Heathrow and Gatwick.
It currently serves predominantly UK based SMEs and UK high net worth individuals and operates a retail bureau de change business focused on London and the South East with 10 stores and 61 airport locations. The company is also beginning to open up business internationally.
The Charles Russell transaction team was led by corporate partner Mark Howard with key support from associates Tom Smitham (Corporate), Jodie Dennis (Corporate), Jessica Ganagasegaran (Tax) and Will Nash (Employment). Bridgepoint were advised by Shearman & Sterling and SOF by Slaughter and May.
Mark Horgan, Moneycorp chief executive said:
“It has been a real pleasure to work with the team at Charles Russell again. The advice that they have provided to management on this transaction has been invaluable. Their ability to provide a commercial and pragmatic solution to any issue that we have encountered coupled with their technical excellence and highly responsive approach has meant that the successful conclusion of this deal has been an incredibly smooth process.”
Client Partner David Green said:
“We are delighted to have advised Mark and his management team on this transaction. They are setting out to make Moneycorp the first choice in international payments and foreign exchange in the UK and this transaction will help them realise their broader ambitions and to grow internationally with Bridgepoint. We wish them every success for the future.”