Canaccord Genuity acts as sole financial adviser to Inflexion Private Equity and Global Reach Group on sale of the business to FLEETCOR Technologies, Inc.
Canaccord Genuity is pleased to announce that it has acted as sole financial adviser to Inflexion Private Equity and Global Reach Group (“Global Reach” or the “Group”) on sale of the business to FLEETCOR Technologies, Inc. (“FLEETCOR”).
Global Reach is a leading foreign exchange specialist providing payments and hedging services to businesses and private individuals. Headquartered in London, UK with offices in the Netherlands, Spain, Cyprus and Canada, Global Reach employs approximately 200 people.
Since Inflexion Private Equity invested in Global Reach in 2016, the business has undergone a transformation and expanded internationally, including the acquisition of the assets of EncoreFX, a Canadian corporate cross-border payments business and the opening of an office in Amsterdam.
FLEETCOR, listed on the New York Stock Exchange, is a leading global corporate payments company managing payment transactions for businesses across more than 100 countries. With the acquisition, FLEETCOR increases its cross-border payments scale and strengthens its position as one of the largest non-bank global cross-border payments providers in the world.
Subject to regulatory approvals, the transaction is expected to complete in Q4 2022.
The transaction further reinforces Canaccord Genuity’s market leading position as a financial adviser in the cross-border payments sector and follows other transactions in the sector including the sale of Moneycorp to Bridgepoint, acquisition of Currencies Direct by Palamon and Corsair Capital, and the sale of Small World to Equistone.
This is the fourth sellside transaction announced by the Financials team this calendar year, following the capital raise by Nexus Underwriting from Barings, capital raise by Foster Denovo from Crestline and investment in Xeinadin made by Exponent, and underlines our track record to optimise outcomes for financial services businesses and their shareholders.