MIAMI, Nov. 01, 2022 (GLOBE NEWSWIRE) — International Money Express, Inc. IMXI (“Intermex” or the “Company”), a leader in omnichannel money transfer services, has completed the acquisition of Envios de Valores La Nacional Corp (“La Nacional”).
The acquisition of La Nacional strengthens the company’s presence in the Dominican Republic and further establishes Intermex as the market-leading remittance provider with a market share of over 20% in 7 key markets to Latin America. These markets include Mexico, Guatemala, Honduras, El Salvador, the Dominican Republic, Nicaragua and Ecuador and account for 87% of all US remittances to Latin America.
“The acquisition of La Nacional represents a significant step forward in our expansion plans,” said Bob Lisy, chairman, chief executive officer and president of Intermex. “This transaction leverages our current strengths and positions our company with a market-leading stake in the Dominican Republic. Intermex is a stronger company today as a result of this acquisition.”
Interex made cash payments of $42.3 million for La Nacional at closing, subject to customary purchase price adjustments, and expects to pay up to an additional $2.4 million in contingent consideration in 2023 if La Nacional determines financial and operational goals achieved. In addition, Intermex expects to complete its previously announced acquisition of LAN Holdings Corp., which controls primarily European-based operations, by the end of Q4th Quarter 2022 or early 2023. The Company used cash to fund the La Nacional transaction.
Once both La Nacional and LAN Holdings are fully integrated and their operations aligned with Intermex’s focus on efficiency and quality of service, the Company expects the combined entities to post approximately $70 million to $80 million annually in revenue and an Adjusted EBITDA margin of 9% can be generated. – 11%. The Company anticipates that once this acquisition is complete, the integration of La Nacional and LAN Holdings will take place over the course of…
