Corsair, a financial services investor focused on payments, software and business services, today announced it has completed the sale of eurochange (the "Company"), formerly a subsidiary of Corsair portfolio company NoteMachine and one of the leading high street retailers of travel money in the United Kingdom, to a subsidiary of The Western Union Company ("Western Union"). Following the October 2022 disposal of NoteMachine's UK ATM and Testlink divisions to the Brink's Company, the sale of eurochange represents the full exit of Corsair's position in this investment.
Since the acquisition of eurochange, it has become a leading high street retailer of travel money, growing the store estate from 96 locations to over 230. This has been supported by new and expanded partnerships with leading UK retailers and financial institutions including Morrisons and NatWest.
"With Corsair's investment and supportive partnership over the past several years, significant progress has been made to propel the business forward," said Philip Bowcock, Executive Chair of eurochange. "Their strategic guidance and resources have allowed us to expand our footprint and strengthen our market leading position, setting the stage for a successful exit with a platform for continued growth of the business."
"We are pleased with the growth and transformation achieved through our partnership with the Company," said Raja Hadji-Touma, Partner at Corsair. "By working closely with the team, we were able to accelerate expansion, enhance operations and position the Company for long-term success on a foundation of skilled, capable leaders. This transaction, the second sale of a NoteMachine asset to a strategic acquirer, marks a strong outcome for investors. We are confident the business is well-positioned for its next chapter."
"The acquisition of eurochange accelerates the momentum of our consumer services segment, which grew revenue double digits in 2024. It also builds upon our strategy of moving to a more dynamic retail distribution model that includes expanding our network of owned locations in high volume areas, across key global markets. Added to that, since eurochange is already a Western Union agent, this acquisition will bring a long-term partner into the Western Union family, while expanding the products and services available to our customer base," said Giovanni Angelini, President, Europe, Middle East and Africa, Western Union. "On behalf of Western Union, I would like to thank Corsair for their collaboration, which resulted in the successful completion of this transaction."
The transaction was finalized as of Monday, April 7, 2025. Canaccord Genuity acted as sole financial adviser to Corsair and eurochange.
About Corsair
Corsair is a specialist investment firm offering opportunities for investors and solutions for companies across its private markets Buyouts and Infrastructure businesses. The firm's buyouts business is a financial services investor focused on making control investments in three verticals: payments, software, and business services. The infrastructure business operates as a strategic partnership with Investcorp as of December 2023. Investcorp Corsair focuses primarily on value-add opportunities in transportation, logistics, and associated infrastructure subsectors, blending operating platforms and deep sectoral expertise with equity sponsorship. Corsair has invested $13.6 billion in capital across buyouts and infrastructure since inception. For more information, please visit www.corsair-capital.com and follow us on LinkedIn.
About eurochange
eurochange is one of the UK's leading foreign exchange experts, specialising in travel money, international payments, money transfers and remittance services for retail, business and banking customers.
In operation since 1975, the company has expanded significantly to now include over 230 branches throughout England, Scotland, Wales and Northern Ireland, as well as a significant online presence. Today, we take care of thousands of transactions every single day, across over 50 currencies (the widest range on the market) to hundreds of countries around the world, providing travel money in cash and on our eurochange Travel Money Card powered by Mastercard®.
But throughout every change, our brand vision has remained the same: to add value to every customer's journey, offering competitive pricing and service alongside inspiration and expertise. This is reflected by our consistently superb reputation, with an 'Excellent' Trustpilot rating from over 20,000 reviews and robust rates of repeat custom.
About The Western Union Company
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments-across more than 200 countries and territories and over 130 currencies-to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
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