Currencies Direct acquired by Corsair and Palamon in £200m deal
Young Gun founder Mayank B Patel OBE will become honorary president of the foreign exchange company
Foreign exchange services provider Currencies Direct, founded by Young Gun Mayank B Patel OBE, has been acquired by Corsair Capital and Palamon Capital Partners.
The deal, which is said to exceed £200m, will allow Currencies Direct's management to increase ownership with Patel becoming honorary president.
Launched in 1996, Currencies Direct offers financial services to small and medium enterprises looking to import and export and distributes its products through a multi-channel network.
The company claims to have more than 150,000 registered retail clients, with operations in the UK, Europe, Australia, South Africa and the US.
The acquisition will see Patel remain shareholder.
Patel commented: “I am proud of what Currencies Direct has achieved over the last 20 years and am confident that, given the strength of the management team and the value added expertise of Corsair Capital and Palamon Capital, the business will continue to take advantage of the growth prospects in the sector.
Daan Knottenbelt, partner of Palamon Capital Partners, continued:
“With its established market position, attractive margins, and exciting growth potential, Currencies Direct is a signature Palamon investment and in line with our core thematics.”