Blackstone backs Currencies Direct with £140 million for M&A opportunities
Summary
The funding will be made in partnership with Currencies Direct’s management team, led by Keith Hatton, and pan-European growth investor Palamon and private equity firm Corsair. While Blackstone will join the Currencies Direct board of directors, Palamon and Corsair will retain their majority co-controlling stake in the company. Keith Hatton, CEO, Currencies Direct, said: “This investment will help fuel our growth as we build on our significant momentum. Together with Palamon and Corsair, we have built a successful, sustainable, and innovative business with technology and global footprint required to deliver digital FX and international payment services.” Qasim Abbas, senior managing director, Blackstone, said: “The platform’s scalable technology can be leveraged to integrate and capitalise on the significant consolidation opportunities in the market. WE plan to find attractive M&A targets that can promote its expansion and further enhance its solutions for customers.” Blackstone’s investment concludes a series of successful dividend recapitalisations over the last 12 months resulting from the company’s continued strong performance.