Intermex Wire Transfer, located at 9480 S. Dixie Highway in Pinecrest has been purchased by FinTech for $260 million. Intermex is a large money transfer company that has made a tremendous mark in the billion-dollar money transfer market.
Intermex Holdings II, Inc., the parent company of Intermex Wire Transfer, LLC, a technology enabled wire transfer and financial processing solutions provider, and FinTech Acquisition Corp. II (NASDAQ: FNTE) (“FinTech”), announced that they have entered into a definitive merger agreement with Intermex’s owner, Stella Point Capital, LP (Stella Point Capital), whereby FNTE will acquire Intermex and will be renamed Intermex Wire Transfer, Inc. The merged company is expected to continue to be listed on the Nasdaq Stock Market.
Post transaction, Robert (Bob) Lisy, President, Chairman and Chief Executive Officer and the rest of the existing Intermex management team will continue to lead the company.
Betsy Z. Cohen, Chairman of the Board of Directors of FinTech, said, “We are delighted to partner with Bob Lisy, Chairman and CEO, and his team at Intermex, a leading provider of money transfer services to the Latin America corridor. Since 2013, Bob has driven both growth and profitability, with transaction volume having increased more than 2.5x, and EBITDA experiencing a compound annual growth rate of almost 40 percent. Intermex is an omnichannel operation whose proprietary technology assures the highest quality of service. The continued expansion of online services, loyalty cards and scalable proprietary processing capacity will drive continued revenue growth and margin expansion. The transformation of this private company will reduce its cost of capital, create a currency for acquisitions, and increase visibility with customers and agents.”
Bob Lisy, President, Chairman, and Chief Executive Officer of Intermex commented, “We are excited to be partnering with FinTech in a transaction that provides an efficient path for a successful transformation to a public company. Intermex has developed a unique and differentiated approach to the wire transfer services market that has resulted in significant and sustained market share gains and excess growth relative to industry peers. Our new capital structure will support our opportunistic growth strategy and our development of new products and technology, which will help scale the business.”
Adam Godfrey and Justin Wender are the Managing Partners of Stella Point.
“We want to congratulate Bob Lisy, Randy Nilsen and the rest of the Intermex management team on the achievement of tremendous growth in excess of the market as Intermex has expanded its money remittance services beyond the Southeastern U.S. and into Western and Northern U.S. geographies, including states where there is significant demand for Latin American money transfers,” said Adam Godfrey. “We believe that Intermex’s evolution to a public company is a natural next step that will provide significant additional flexibility to capitalize on the numerous growth opportunities available to the company in the years to come.”
The existing members of the Intermex Board of Directors will become directors of the combined company. The Board of Directors will be augmented by the addition of former Deloitte & Touche LLP partner Mike Purcell, a financial expert as defined under the applicable NASDAQ and SEC rules, and Kurt Holstein, President of Azoic Ventures, Inc. Adam Godfrey, Stella Point Capital Managing Partner, Justin Wender, Stella Point Capital Managing Partner, Robert Jahn, Stella Point Capital Managing Director, Stephen Paul, Laurel Crown Partners, LLC’s Managing Principal, and John Rincon, who founded Intermex in 1994, will continue to serve on the Board of Directors.
