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PE-backed NoteMachine acquires Eurochange

NoteMachine, which is backed by Corsair Capital, has bought Eurochange. No financial terms were disclosed. Based in the UK, Eurochange is a provider of specialist foreign currency and international payment solutions to retail and business customers.


(Crickhowell, United Kingdom) 5 November 2014 – NoteMachine Group Holdings (“NoteMachine”), one of the major cash machine operators in the United Kingdom and Germany, today announced the strategic acquisition of Eurochange Limited (“Eurochange”), a U.K. provider of specialist foreign currency and international payment solutions to retail and business customers. The acquisition further extends NoteMachine’s range of transactional and payment services to retail, business and bank customers, enabling it to offer physical cash, foreign exchange and international payments services.

Eurochange is a leading challenger foreign exchange specialist operating for almost forty years through 96 branches across England and online. It provides travel currency, international payments and remittance services to retail and business customers. Capitalizing on its competitive strengths of customer service, convenience and price transparency, Eurochange has substantially grown its market share in the foreign exchange market. The company expects to handle over 1.8 million customer transactions for 2014.

NoteMachine provides transactional and payment services more efficiently and cost-effectively than traditional banking groups. It operates via a network comprising over 7,500 ATMs across the United Kingdom and is one of the larger ATM operators in Germany. Every month, around 20 million people use at least one of NoteMachine’s ATMs. NoteMachine will capitalize on its ATM network and customer base to further expand Eurochange’s reach and brand awareness across Europe. NoteMachine is majority owned by Corsair Capital, a private equity firm experienced at investing globally in the financial services industry.

Peter McNamara, NoteMachine founder and CEO, stated: “We are excited to have Eurochange join our group. The strategic combination of Eurochange with NoteMachine enhances the abilities of our respective businesses to capitalize on the on-going transformation of our industry by challenging the cost efficiency, performance and innovation of banks and other traditional providers of transactional services. For Eurochange, the combination positions it to accelerate the growth of its branch network and extend the reach of its international payments business. For NoteMachine, the combination furthers our competitive strengths and our ability to service the growing transactional and payment service needs of retail, business and bank customers. Eurochange is one of the top U.K. specialist providers of foreign currency services with a broad geographical coverage of England, and has an excellent professional management team. Eurochange shares our group’s mission of providing more cost efficient and convenient payment services to customers.”

Massimo Gini, Chairman and founder of Eurochange said: “I set up Eurochange almost 40 years ago and from that point we have grown the company into one of the most trusted foreign exchange brands in the United Kingdom. I am very proud of what we have achieved and after 39 years, I have decided it is now time for me to focus on my other passion, my charity – Sustain for Life ( I leave Eurochange in the very capable hands of Peter McNamara and his team at NoteMachine, and the existing Eurochange management team, who will look forward together to the very exciting future mapped out for the combined companies.”

Lord Davies of Abersoch, Vice Chairman of Corsair Capital and Chairman of NoteMachine, said: “Corsair Capital is confident in the long term growth potential of NoteMachine and its ability to build value. The board has worked closely with the NoteMachine leadership team to identify the right strategic opportunity, and the acquisition of Eurochange represents an important milestone in NoteMachine’s strategy and expansion, consistent with the company’s focus as a provider of core payment services in Europe.”

About NoteMachine
NoteMachine provides payment services more efficiently and cost-effectively than traditional banking groups. The company was founded in 2006 by its CEO Peter McNamara and is now backed by funds managed by Corsair Capital, LLC. The business operates over 7,500 ATMs in the United Kingdom and is one of the larger ATM operators in Germany. NoteMachine’s ATMs handle over 200 million transactions per annum.

About Eurochange
Eurochange is the United Kingdom’s leading independent provider of foreign exchange services, with a multi-channel discipline of retail, wholesale, white-label and online. Established in 1975 by Massimo Gini, the business has grown from strength to strength by focusing on the delivery of its core retail ethos – providing value, convenience and service to its customers. Eurochange operates from 96 consumer-facing bureau de change outlets across the United Kingdom, providing a wide range of foreign currency related products and services, including travel money, international payments, remittances and multi-currency prepaid cards.

About Corsair Capital
Corsair Capital, LLC is a specialist private equity firm focused on investing in the global financial services industry. Corsair has invested across a range of geographies and cycles, and in substantially all of the subsectors of the financial services industry including payments, insurance, asset management, depository institutions, and specialty finance in North America, Western Europe, and the Emerging Markets of Asia, Latin America and Central Europe. More information about the firm may be accessed through the website

Advisers to NoteMachine and Corsair Capital included: EY (financial due diligence), Taylor Wessing (legal advice) and PwC (tax due diligence).
Advisers to Eurochange included: Deloitte (Corporate Finance Advisory) and Addleshaw Goddard (legal advice).