Western Union pays $370m for B.C. company
Carla Wilson
Province
Custom House Ltd., a leading global payments company based in Victoria, is being sold to Western Union for $370 million US.
The deal is expected to close in the third quarter of this year.
Founded 17 years ago by Peter Gustavson, it has almost 40,000 customers internationally and 630 employees worldwide. It facilitates payments between small- and medium-sized firms.
In 2006, Great Hill Partners of Boston made a “substantial equity investment” in Custom House and is a co-owner.
“We are extraordinarily proud of what the Custom House team has accomplished as an independent company and are excited about the increased potential that will come from leveraging our collective resources,” Gustavson said yesterday.
Custom House has a global network of trading offices and runs around the clock seven days a week. Customers can make payments in person or online.
It has trading offices in North American, Europe and Asia. Payments can be made through the company in more than 120 countries.
Said Christina Gold, president and CEO of the Greenwood Village, Colo.-based Western Union: “Custom House is a dynamic business and has a significant customer based in the cross-border payments market, which generates strong margins and cash flow.
Plans call for Custom House to continue running under existing management in Canada, Western Union said.
© Copyright (c) The Province