The consortium buying UAE Exchange and XPress Money owner Finablr Ltd has retained, through its subsidiary, Global Fintech Investment Holdings, leading global professional services firm Alvarez & Marsal Middle East Ltd (“Alvarez & Marsal”) Ltd to advise on future acquisitions.
Alvarez & Marsal will also assist with due diligence on future acquisitions as the consortium seeks to build on the acquisition of Finablr Ltd, which was agreed at the end of last year. The consortium of Prism Group AG & Royal Strategic Partners announced last month that it is in advanced takeover discussions with BFC Group Holdings, the Bahrain-based remittance firm whose products include BFC Forex and BFC Payments. The deal is expected to be finalised by the second quarter of this financial year.
Alvarez & Marsal previously advised the consortium on current state assessment and business planning relating to the acquisition of Finablr Ltd, which also owns leading global remittance and foreign exchange provider Unimoni. Prism Group and RSP also announced today that the first phase of this exercise has been completed.
Alvarez & Marsal will also now advise the consortium on the transformation and expansion of the Finablr Ltd management team as it seeks to stabilise the business and put in place ambitious growth plans designed to capitalise on its market-leading position in the GCC region. The consultancy will work with the consortium to implement a turnaround programme that will improve its operational performance and efficiency.
Founded in 1983, Alvarez & Marsal is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. With over 5,000 people across four continents, A&M’s strong restructuring heritage will assist the consortium to act decisively, catapult growth and accelerate results to meet the consortium’s ambitious plans for Finablr Ltd.
Amir Nagammy, chief executive of Prism Group AG, said: “We are pleased to confirm that our initial due diligence on the acquisition of Finablr Ltd is complete and we are looking forward to winning regulatory approval for the deal so that we can stabilise the business and implement our ambitious expansion plans. We are delighted to reappoint Alvarez & Marsal to assist with the restructuring of the company and bolster our efforts to appoint a management team that will deliver on the company’s potential”.
Dr. Hamad Al-Ali, CEO of Royal Strategic Partners, said: “Alvarez & Marsal will play a key role in helping us to identify and complete M&A opportunities and advise us on the creation of a new corporate structure for Finablr. We have assembled an advisory team that is well-placed to help us realise our plan to build a major regional fintech company, which will play a pivotal role in the regional economy”.
Asad Ahmed, Managing Director of Alvarez & Marsal, said: “We are looking forward to extending our engagement with the consortium of Prism Group and Royal Strategic Partners and helping it to complete the proposed acquisition of Finablr Limited. The consortium has an exciting vision for the company and we will also be the leading advisors in connection with the due diligence process related to selected acquisitions that the consortium is planning to explore”.
The consortium recently appointed globally-renowned business and technology solutions company Matrix International Financial Services to advise on financial compliance and fraud prevention measures at Finablr Ltd. Earlier this year, it hired independent investment bank Moelis & Company to advise on debt restructuring. It also revealed last month that it is in advanced discussions with BFC Group Holdings over a potential merger that would create the largest remittance services and currency exchange group in the MENA region, with licences to operate in over 30 countries.