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Tuesday, June 23, 2009

First Bank Systems and Intermex

First Bank System is an American bank holding company. Its major subsidiary is the First National Bank of Minneapolis, MN

There seems to be interest from the holding group in Intermex LLC, in a Minnesota Money Transfer company based in Miami Fl. It specializes in International Wire Transfers, which is currently being acquired by Lindsay Goldberg & Bessemer.

-Shimron Issachar

Intermex was founded by Chairman John Rincon in 1994. With previous experience in the US and Latin American money transfer industry, and with the assistance of his brother Cesar, he quickly launched services in the states of Washington and Oregon.

In 1996 the company started operations in Florida, now its corporate headquarters. Within two years, software was developed to automate remittance data capture and related accounting functions. This improvement quickly fueled the growth of the service network.

By the year 2000, Intermex was licensed in 10 states. Additional technological advances propelled Intermex growth by allowing agents to use computers to communicate remotely with Intermex’s systems.

A major milestone for the company occurred in 2004 by launching services in Texas, a key State due to its proximity to Mexico and a large Hispanic population. In the same year, Intermex acquired and integrated Access Financial, a money order company based in Dallas Texas.
Some notable milestones in Intermex History:

November 2004: Intermex acquires Access Financial a Dallas based money order company.
October 2004: Initiated business in Texas – first major market entered outside of Florida.
August 2006: Intermex Wire Transfer, LLC acquired by Lindsay, Goldberg and Bessemer.
March 2007: Intermex Wire Transfer, LLC acquires Servimex, Inc – adding 400 new agencies and four new states.
July 2007: Opened call center in Puebla, Mexico

Source Intermex Website

Lindsay Goldberg & Bessemer Agrees to Acquire Majority Position in Miami's Intermex Wire Transfer, LLC MIAMI, April 3 /PRNewswire/

-- Lindsay Goldberg & Bessemer (LGB), a New
York-based investment partnership, has entered into an agreement to acquire a
majority ownership position in Miami's Intermex Wire Transfer, LLC, one of the
leading processors of money transfer services focused on Latin America in the
United States. The terms of the acquisition were not disclosed.

"Partnering with Lindsay Goldberg & Bessemer will give us the opportunity
to accelerate our growth in our existing Latin American markets, and
potentially expand into other fast-growth segments of this market," said
Carlos Rincon, Intermex's President.

  • With over 230 employees worldwide,
    Intermex Wire Transfer is one of the largest money transfer companies focused
    on Latin America in the United States and is licensed to operate in 26 states
    in the U.S. and 17 countries in Latin America.
  • Fueling the growth in the industry are the passage of free trade legislation throughout the Americas and the close proximity of Latin America to the United States.
  • "We have been exploring the money remittance sector for several years and
    Intermex, as an industry leader, is very well positioned to take advantage of
    the ongoing positive trends in this sector," said Adam Godfrey, Partner of
    Lindsay Goldberg & Bessemer.
  • "We look forward to partnering with the Rincon family and management to build upon the company's historical success."
  • The added capital infusion from the acquisition will help Intermex meet its growth
    objectives including further organic growth throughout the U.S., expansion of
    the company's international agent network and the continuation of Intermex's
    commitment to outstanding customer service.
  • The transaction is expected to close within 60 to 90 days and is subject
    to customary closing conditions, including Hart Scott Rodino (HSR) approval.
  • Banc of America Securities LLC acted as exclusive financial advisor to
    Intermex Wire Transfer, LLC, with respect to the transaction. Intermex was
    represented in the transaction by the Miami law firm of Bilzin Sumberg Baena
    Price & Axelrod, LLP.
  • About Lindsay Goldberg & Bessemer

Lindsay Goldberg & Bessemer is a New York-based investment partnership
with more than $2 billion of committed capital and a focus on acquiring well-
managed businesses and actively helping to build long-term value. LGB is a
trusted and experienced partner with a successful track record of investing
across a wide range of industries and helping companies fully meet their long-
term potential. For more information about Lindsay Goldberg & Bessemer,
please visit .

The Rest @ International News

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