Corsair, a financial services investor focused on payments, software and business services, announced it has completed the sale of eurochange formerly a subsidiary of Corsair portfolio company NoteMachine and one of the leading high street retailers of travel money in the United Kingdom, to a subsidiary of The Western Union Company (“Western Union”). Following the October 2022 disposal of NoteMachine’s UK ATM and Testlink divisions to the Brink’s Company, the sale of eurochange represents the full exit of Corsair’s position in this investment.
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Since the acquisition of eurochange, it has become a leading high street retailer of travel money, growing the store estate from 96 locations to over 230. This has been supported by new and expanded partnerships with leading UK retailers and financial institutions including Morrisons and NatWest.
“With Corsair’s investment and supportive partnership over the past several years, significant progress has been made to propel the business forward,” said Philip Bowcock, Executive Chair of eurochange. “Their strategic guidance and resources have allowed us to expand our footprint and strengthen our market leading position, setting the stage for a successful exit with a platform for continued growth of the business.”
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“We are pleased with the growth and transformation achieved through our partnership with the Company,” said Raja Hadji-Touma, Partner at Corsair. “By working closely with the team, we were able to accelerate expansion, enhance operations and position the Company for long-term success on a foundation of skilled, capable leaders. This transaction, the second sale of a NoteMachine asset to a strategic acquirer, marks a strong outcome for investors. We are confident the business is well-positioned for its next chapter.”
“The acquisition of eurochange accelerates the momentum of our consumer services segment, which grew revenue double digits in 2024. It also builds upon our strategy of moving to a more dynamic retail distribution model that includes expanding our network of owned locations in high volume areas, across key global markets. Added to that, since eurochange is already a Western Union agent, this acquisition will bring a long-term partner into the Western Union family, while expanding the products and services available to our customer base,” said Giovanni Angelini, President, Europe, Middle East and Africa, Western Union. “On behalf of Western Union, I would like to thank Corsair for their collaboration, which resulted in the successful completion of this transaction.”
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The transaction was finalized as of Monday, April 7, 2025. Canaccord Genuity acted as sole financial adviser to Corsair and eurochange.
