SPAIN/UK. Global cash management service company Prosegur Cash has completed a deal to acquire a controlling stake in ChangeGroup, the prominent foreign currency, financial and tax refunds services provider.
The agreement will combine ChangeGroup’s portfolio of 95 foreign exchange branches and 300 ATMs across 37 cities with the international cash handling expertise of Prosegur Cash.
The partners said that the aim of the transaction is to grow ChangeGroup’s footprint in airports and other travel hubs across the world, guided by management from across Prosegur territories in the Europe, Americas and Asia Pacific regions.
The partners added that with Prosegur’s backing ChangeGroup will be able to expand considerably faster online, in branch and through ATM networks. This has been one of the latter’s central aims as travel recovers rapidly in the wake of the COVID-19 pandemic.
There will be no change in service for ChangeGroup’s existing customers and partners. The company’s senior management will stay in place, with the ChangeGroup headquarters remaining in London.
ChangeGroup CEO and Co-Founder Sacha Zackariya said: “This agreement is a clear sign of the confidence and trust placed in our people and the services that ChangeGroup provides. The investment in our business as a result of this acquisition will be advantageous for all parties.”
He added: “For the first time ever, our airport partners will have a currency exchange and ATM partner which is truly strong and financially stable with the resources to provide world class services for the long term. In addition, our customers can be assured they have a service which they can rely on across the globe.”
“One of our key objectives coming out of the pandemic was to aggressively expand our reach and the support of such a major stock market listed company with more than 45,000 employees will allow us to do this.”
Prosegur Cash Global New Business Director Ignacio Cea said: “Adding the experience and know-how of ChangeGroup is a very relevant milestone in our operations transformation. In the first half of 2022, our New Products Unit has grown by almost 40% compared to the previous year and its weight in group income is close to reaching 25%.”
He added: “Today we are taking another step to cover the full cash cycle and contribute our capabilities in a new segment that is rapidly recovering from the worst years of the pandemic. We are convinced that the sum of our capabilities will allow us to face an intense development of ChangeGroup operations in all geographies.”
Canaccord Genuity and Mishcon de Reya acted as the sell side advisers on the transaction, the value of which has not been disclosed.
*Watch out for an interview with ChangeGroup on its travel market ambitions, coming soon.
