Global Reach Partners completes purchase of FC Exchange
Global Reach Partners (GRP) has acquired FC Exchange (FCE) 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.
An industry leading customer and partnership service proposition has been fundamental to the rapid expansion of FC Exchange supported by our innovative product offering. Similarly, GRP is also on an exciting growth journey, and the acquisition of FC Exchange is the latest example of their strategy.
Mark Smith-Halvorsen, co-founder and Chief Executive Officer 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 CEO of FCE commented: “We have experienced 57% 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 Foreign Currency 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
Name: Karen Cooper
Phone: 01865 343100