LONDON, August 12, 2016
Global Reach Partners today announces that it has acquired FC Exchange with the backing of its private equity investor, Inflexion.
GRP, which provides payments and hedging services to businesses and private individuals, transacts annually over £3.5bn of foreign currency, through its team of over 100 expert traders and support staff based in London. The acquisition will increase these transactions annually to over £5.5bn and the combined team to 170 employees.
This acquisition of FCE allows GRP to build scale and add capabilities. GRP has shown solid growth in the last few years, with a strong, talented team providing solid expertise in the currency markets and world-class customer service. Today’s announcement gives GRP immediate scale, further reach, and added capabilities.
Mark Smith-Halvorsen, co-founder and CEO of GRP said: “We are making this acquisition as we recognise the huge opportunity in the cross-border payments market. FCE’s business is a perfect complement to our own. We each excel in our respective segments – they have a predominantly private client base compared to our mainly corporate client revenue stream. The goal of this transaction is to combine forces to create a leading FX payments company.”
Nick Fullerton, co-founder and CEO of FCE commented: “We have experienced over 50% year-on-year growth and I’m very excited about the future journey with GRP and Inflexion behind us. We will retain our high standards and values which the GRP team share. We will be stronger together.”
John Harper, Partner, Inflexion Private Equity Partners added: “We’re delighted that GRP has completed its first acquisition. When Inflexion announced the management buyout of GRP in March, we stated our intention to back the existing management team to continue to grow market share and execute a buy-and-build consolidation strategy in the UK FX sector. This acquisition is that strategy in action.”
IMAS Corporate Finance acted as exclusive financial adviser to FC Exchange.
About Global Reach Partners
– Global Reach Partners began trading as Corporate FX in 2001
– Their team of experts provide a unique, personalised service to corporate and private clients
– With access to over 130 major and local market currencies and a range of products, they help achieve a streamlined approach to international trading, treasury and risk management
– Global Reach Partners recently announced a two-year agreement with Crystal Palace FC to become their new foreign exchange partner.
– In 2015 their turnover was over £20m and they have worked with just under 12,000 clients
– They are supervised by the Financial Conduct Authority for the provision of payment services
– They are also a registered Money Services Business (MSB) which is regulated by Her Majesty’s Revenue and Customs, making them subject to UK money laundering regulation
About FC Exchange
– FC Exchange is an established international money transfer and payment solutions provider and was co-founded in 2005 by entrepreneurs Nick Fullerton and Martin Steenkamp
– Headquartered in the City of London and with offices around the world the company has achieved year-on-year profit-driven growth since incorporation
– An industry leading customer and affiliate service proposition has been fundamental to the rapid expansion of the company supported by an innovative product offering alongside an entrepreneurial management team
– With a network of over 3,000 affiliates FC Exchange is the recommended currency partner in many industry sectors, notably overseas property, emigration, expat and travel
– FC Exchange has helped over 25,000 individuals and businesses with more than £5 billion in international money transfers
