Inflexion to exit Global Reach in trade sale

The transaction, expected to close in Q4 2022, is the GP’s seventh exit in 1H22, a record period with sales valued at a total of GPB 2.3bn, according to a press release. Just earlier this week, Inflexion announced its exits of Goals and of technology staffing and consulting specialist K2 Partnering Solutions, which generated a 5x return multiple in a sale to the sponsor’s own Buyout Fund VI. 

Inflexion completed the management buyout of Global Reach in March 2016 via its 2014-vintage Inflexion Buyout Fund IV. The vehicle, which closed on GBP 650m, typically provided equity tickets of GBP 15m-GBP 75m, according to Unquote Data.

Under Inflexion’s ownership Global Reach expanded internationally via the acquisitions of the assets of EncoreFX, a Canadian corporate cross-border payments business and FC Exchange, an international money transfer and payment solutions provider, together with the opening of an office in Amsterdam.

The deal is expected to be immediately accretive post-close with additional synergies to layer in during year two, according to a press release from Fleetcor.

Company
Founded in 2001 and headquartered in London, Global Reach provides product solutions for business needs tied to cross-border payments and foreign exchange exposure. The firm offers corporate payment solutions in more than 80 currencies and nearly 200 countries including Spain and the Netherlands, primarily in the UK and Canada.

People
Inflexion − Simon Turner (managing partner), Catherine Richards (partner), Roddy Green (investment director), Melanie Campbell (assistant director).
Global Reach − Nick Fullerton (CEO).
Fleetcor − Ron Clarke (chairman and CEO).

Advisers
Global Reach − Canaccord Genuity (corporate finance); Eversheds Sutherland (legal).
Fleetcor − Jones Day (legal).

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• Topics
• Exits
• UK / Ireland
• Financials
• Inflexion Private Equity
• United Kingdom
• Trade sale