(28 March 2007 – Global) British foreign exchange company Travelex has agreed to buy its competitor Ruesch International from private equity firm Welsh, Carson, Anderson & Stowe for US$440 million.The companies said the combined business would provide payment services to some 35,000 SMEs and also larger financial institutions.
Travelex was founded by Lloyd Dorfman who remains a minority stakeholder and was bought by Apax Partners in August 2005. Standard Chartered also has a minority stake.
Welsh, Carson, Anderson & Stowe bought Ruesch in December 2004.
Ruesch has annual revenue of US$75 million and deals with some $24 billion of FX transactions each year.
‘The acquisition of Ruesch strengthens our presence in the international payments market and reinforces our position as the leading non-bank provider of foreign exchange services,’ Travelex Chief Executive Ian Meakins said.