Palladium Equity Partners LLC has acquired Duluth, Georgia-based DolEx, a provider of electronic funds transfer services. No financial terms were disclosed. Stephens Inc was financial adviser to DolEx on the deal.
NEW YORK, Jan. 27, 2020 /PRNewswire/ — Palladium Equity Partners, LLC (“Palladium”), a middle market private equity firm with approximately $3 billion in assets under management, today announced that it has completed the sale of the parent company of DolEx Dollar Express, Inc. (DolEx), to a group of investors including management.
DolEx is a leading provider of electronic funds transfer services through approximately 525 branches and over 2,700 agent locations in the U.S., Puerto Rico, U.S. Virgin Islands and Europe. The Duluth, Georgia-based company’s services allow customers to quickly and safely send money to beneficiaries in North America, Latin America, North Africa, Asia, Europe, and the Caribbean through its settlement relationships with thousands of banks, exchange houses and retail locations. DolEx also offers ancillary products and services including installment loans, phone cards, bill payments, money orders, check cashing, and prepaid cards.
Justin Green, a Partner of Palladium, said, “We are proud of our partnership with the DolEx team as the company enhanced infrastructure and operations, grew sales channels and added new ancillary products, further differentiating itself as a preferred financial services provider to customers in the U.S., Latin America, Spain and beyond.”
Terms of the transaction were not disclosed. Stephens Inc. acted as exclusive financial advisor to DolEx. Locke Lord LLP acted as DolEx’s legal counsel. Advanced Capital Partners and Goodwin Procter LLP acted as financial advisors and legal counsel, respectively, to the acquiring investors.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has made 34 platform investments and over 135 add-on acquisitions. For more information on Palladium Equity Partners, please visit www.palladiumequity.com.