Bridgepoint in £212m deal to buy Moneycorp from SOF Investments


poundsUK-based private equity firm Bridgepoint has bought specialist foreign exchange provider Moneycorp from RBS-owned SOF Investments.

Moneycorp offers a fully-integrated online payments and telephone platform serving both SME corporate and private customers and has an enterprise value of £212m.

RBS’ Special Opportunities Fund became a major shareholder in the company in December 2006 and subsequently became sole institutional investor with a 99.9 per cent stake in 2011.

Moneycorp’s gross income last year was £97.2m, up by nearly £30m compared to 2012 when it posted £65m income.

The business handled more than £10bn currency trades last year and also bought Thomas Cook’s corporate foreign exchange business.

SOF Investments’ Lindsey McMurray said: “The management team has built upon the long history of strong service culture embedded within the organisation to introduce innovation in product development and delivery, underpinned by the highest standards of regulation and compliance to create an exciting platform for future growth.”

Bridgepoint partner Stephen Green said: “The FX market for SMEs is changing and offers much to go for with banks providing poor value and service leading customers to shift to specialist providers.

“Moneycorp is an exciting opportunity to back a talented management team with a fast growing UK business and significant international development potential.”

Bridgepoint revealed it had launched its fifth flagship vehicle with a reported hard cap of €4bn in July this year.

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