HOUSTON and DALLAS, TX / ACCESSWIRE / August 1, 2022 / DolEx Dollar Express, Inc. (“DolEx”) and Barri Financial Group (“Barri”) today jointly announced the signing of a definitive agreement under which the companies will merge to create a premier consumer financial services company. The combined company will offer its suite of services, including money transfer, check cashing and other ancillary products, to customers at thousands of retail locations across the United States.
The merger combines two complementary platforms for cross-border money transfer services, creating a premier consumer financial services company that will be well-positioned to capitalize on a growing array of opportunities in the market. The combined companies plan to expand consumer acquisition channels and geographic footprint. With larger scale, a more diverse retail presence and a more comprehensive product line, the combined company will have the enhanced ability to better serve both existing and new customers. Both organizations share a legacy of developing deep bonds with the community, along with core values centered on customer service, accountability and regulatory compliance. The merged organization will have a stronger, more informed leadership team with complementary expertise to improve operational performance, strategic growth and risk management.
The combined company will be headquartered in Houston, Texas with operational offices in Arlington, Texas, Mexico and Spain and will be led by:
- Mario Trujillo, Chairman of the Board (DolEx)
- Alberto Laureano, Chairman of the Board (Barri)
- Alejandro Csitkovits, Chief Financial Officer (Barri)
- Laybaa Hernandez, Chief Operating Officer (DolEx)
“This merger has made sense for a number of years, we are excited to finally have the opportunity to combine two of the strongest brands in the Hispanic community to expand their reach and leverage our complementary footprints to better serve existing and new customers “; said Mario Trujillo, Chairman, President and CEO of DolEx.
“We are excited to be working with the DolEx team and building on the strong similarities in both business model and culture to increase our geographic footprint across multiple channels to serve the evolving tastes of the dynamic US Hispanic population to be better fair”; said Alberto Laureano, CEO of Barri.
Timing and Permissions
The transaction is expected to close later this year, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals.
Jefferies LLC is acting as exclusive financial advisor to Barri and Vinson & Elkins LLP is acting as legal counsel to Barri.
Goodwin Procter, LLP is acting as legal counsel to DolEx.
DolEx is a multinational company with 26 years of experience in the financial services industry. They offer a full range of must-have products and services including domestic and international wire transfers, money orders, payments, check cashing and installment loans, among others.
In the US, they serve the underserved Latino community through their two industry-leading brands, DolEx and Quisqueyana, through more than 2,600 company-owned locations and independent agents; In Spain they serve the market through their well known Europhil brand through over 650 company owned locations and independent agents.
Barri provides financial services of the highest quality, convenience and value to the Hispanic population of the United States. The company has more than 35 years of experience and is present in over 40 countries.
Barri’s core services include money transfers (international and domestic), check cashing, and bill payment, but it also offers a wide range of other products and services, including mobile top-ups (international and domestic), money orders, sweepstakes, and pinless top-ups for long-distance calls and phone cards.
Customers can find Barri’s services through a network of over 2,500 locations consisting of third-party agents, company-owned stores (standalone locations as well as branches) and also online on its website or by downloading the Barri Money Transfer App on Google Play or Android’s iOS App Store.
SOURCE: Barri Financial Group