Thomas Exchange Global

The challenge 

Following a period of high growth over the last 10 years which saw their geographical footprint expand considerably across London, the vendors saw an opportunity to make changes to their business and personal lives. Owners Kurange Perera (known as Sandy) and Sakthi Ariaratnam approached Price Bailey to explore the possibility of a sale that would satisfy both parties whilst allowing them to take different paths.

How we helped to find the right deal

Following an in-depth market review, our Strategic Corporate Finance team profiled and identified the main strategic acquirers in the UK as well as Europe, the Middle East and the US, ensuring a competitive process was maintained.

A suite of professional sales documentation was produced. This included bespoke Information Memorandums tailored and focused on the detailed growth strategies for each particular acquirer.

Moving through the transaction process, we also oversaw a comprehensive financial, tax and IT due diligence exercise, and provided personal wealth tax advice to the vendors. We worked closely with both the legal teams for each party; advising on the financial components of the deal, including fund flows and completion accounts mechanisms.

The result

Following a competitive sale process, Fexco was selected as the preferred bidder. Price Bailey played a lead role throughout the negotiations, which led to the agreement of a substantial offer; a significant proportion of consideration was payable on completion to the vendors.

Post completion Sakthi remained in the company, playing an integral role in the transition process, whilst Sandy was able to exit the business seamlessly.

Simon Blake, Partner at Price Bailey commented:

“We are delighted that the owners of Thomas Exchange Global have been able to achieve a successful outcome with Fexco, and the deal highlights a very positive transaction within the foreign exchange (FX) marketplace. The deal also demonstrates that post-EU referendum results, there is still appetite from overseas companies to take advantage of acquisition opportunities in the UK on a significant scale”

In a statement of thanks to Price Bailey following the deal, Kurange Perera (known as Sandy), Managing Director and Sakthi Ariaratnam, Director of Thomas Exchange Global Ltd shared their experiences on working with us:

“During our journey with Price Bailey, both the company and shareholders were provided with invaluable advice, support and guidance along the way. When we made the decision to sell our company, it was one of the biggest decisions we’d ever taken together. Price Bailey ensured we were guided through every step of the disposal process with absolute professionalism. It’s true that the transaction had its challenging moments but Simon and the team came to the rescue to ensure matters were dealt with pragmatically and that balance was maintained. It was an absolute pleasure and delight to have worked with Simon and the team and we would thoroughly recommend Price Bailey to any individual or company who is looking for professional and dedicated corporate finance advice throughout their business lifecycle.”