Jameson Bank, a Toronto-based specialist in foreign exchange and payment services, has agreed to be acquired by U.S.-based financial services company AFEX. The financial terms of the deal, expected to be close in the second quarter, were not disclosed. Founded in 1989, Jameson Bank provides services to nearly 4,000 businesses in Canada and the United States. It is a portfolio investment of John Rochon of Richmont Holdings, a family-owned firm that makes investments in operating companies, investment vehicles and other opportunities. Richmont is based in Plano, Texas.
PRESS RELEASE
AFEX Agrees to Acquire Jameson Bank’s Payments and FX Business
Strategic addition of Canadian payment and foreign exchange specialist bolsters AFEX’s North American Business
AFEX, one of the world’s largest non-bank providers of global payment and risk management solutions, today announced that subject to regulatory approvals, it will acquire the business of Jameson Bank, headquartered in Toronto, Canada. This strategic acquisition, expected to close in the second quarter of 2014, will result in the addition of three new offices for AFEX in Canada, in Toronto, Ottawa and Montreal, joining an extensive network of global offices in the United States, United Kingdom, Europe, Middle East, Asia and Australia.
Canada is a key strategic market for AFEX with a strong and internationally engaged economy. The acquisition of Jameson Bank will allow AFEX to serve small to medium sized businesses seeking to proactively manage their international payment and foreign exchange requirements, with the attention normally reserved for large multinational corporations.
Christian Spaltenstein, General Manager of the Americas for AFEX, will oversee the new offices.
“The acquisition strengthens our presence in the Americas while providing an entry into robust industries located throughout Canada, such as energy, mining, agriculture and manufacturing,” said Spaltenstein. “Canada is a key market for us, and with offices in Toronto, Montreal and Ottawa, we look forward to assisting clients with their global payment, treasury and risk management needs.”
Jameson Bank was established in 1989, providing integrated foreign exchange and payment solutions to nearly 4,000 businesses in Canada and the U.S.
“We’re excited about joining AFEX, as their international presence and solid operating processes will significantly enhance the “high-touch” experience our clients are accustomed to,” said Rob Wittmann, President & CEO of Jameson Bank. “Clients will continue to receive the highest level of service, and will now have access to an extended network of international payment and risk management solutions.”
GMP Securities LP and Torys LLP acted as financial advisors and counsel for the deal, respectively.
About AFEX
Established in 1979, AFEX is a leading global payment and risk management solutions provider that specializes in cross-border transactions and provides market expertise and unrivalled customer service for businesses and private clients. With a client base of over 17,000 active commercial customers worldwide, AFEX prides itself on tailoring its payment and foreign exchange services to meet its clients’ needs. AFEX’s online payment platform – AFEXDirect provides clients with one consolidated overview of their currency exposure and makes it easy for companies to manage international invoices. AFEX maintains offices across the United States, Australia, Europe, Middle East and Asia.
To find out more, please visit www.afex.com.
BackBay Communications
Peter Czyryca, 617-556-9982 x226
Peter@backbaycommunications.com
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