PROPOSED BUSINESS COMBINATION
CURRENT FUNDS in TRUST: $176.2 million
CURRENT PER SHARE REDEMPTION PRICE: $10.03
ENTERPRISE VALUE: $339.1 Million
FinTech II proposes to acquire Intermex Holdings II, Inc., the parent company of Intermex® Wire Transfer, LLC, a technology enabled wire transfer and financial processing solutions provider for total consideration of approximately $260 million plus the assumption of existing indebtedness. The merged company will be renamed International Money Express, Inc. and is expected to continue to be listed on the Nasdaq Stock Market.
- 30% annual growth in remittance transactions, producing 19 million remittances for an aggregate of approximately $6.8 billion to 17 Latin American and Caribbean corridor receiving countries in 2017
- $215.5 million of revenues in 2017, an increase of 30% from 2016
- $33.4 million of Adjusted EBITDA in 2017, an increase of 23% from 2016 (see the investor presentation for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to net (loss) income, the closest GAAP measure)
- Continued market share growth in key remittance corridors in 2017, processing 15.4% of the aggregate volume of remittances from the U.S. to Mexico, as reported by the Central Bank of Mexico, and 19.6% of the aggregate volume of remittances from the U.S. to Guatemala, as reported by the Central Bank of Guatemala.
JMP Securities LLC and Northland Securities, Inc. are acting as Capital Markets Advisors and BTIG is acting as Financial Advisor.