ChangeGroup

Canaccord Genuity Acts as Sole Financial Adviser to ChangeGroup on Sale of the Business to Prosegur Cash

Canaccord Genuity is pleased to announce that it has acted as sole financial adviser to ChangeGroup (“the Group”) on the sale of the Group to Prosegur Cash.

ChangeGroup was established in 1991 and has become a leading company in the field of retail foreign exchange.  The Group has a substantial presence in the European and US markets operating a network of more than 100 bureau de change and 300 ATMs in a number of key airports and 37 cities around the world.

Prosegur Cash is dedicated to the logistics of securities and cash management, covering the complete cash cycle.  Prosegur Cash is listed on the Spanish Stock Exchange, employs more than 45,000 staff in 20 countries, and reported over €1.5 billion of revenues in 2021.

The transaction harnesses the in-depth sector knowledge and operational capacity of ChangeGroup to the financial strength and international experience of Prosegur Cash with an intention to grow the Group given the strong rebound in foreign exchange activity since the pandemic.  The acquisition represents a significant milestone in the transformation of Prosegur Cash operations and diversification of services and geographical presence.

The transaction further reinforces Canaccord Genuity’s strong position as a sell side adviser to the European financial services sector and is the sixth sell side transaction announced by the UK Financials team in 2022, a significant proportion of which are cross border.