HOUSTON and DALLAS, TX / ACCESSWIRE / August 1, 2022 / DolEx Dollar Express, Inc. ("DolEx") and Barri Financial Group ("Barri") jointly announced today 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 cross-border money transfer services platforms, creating a premier consumer financial services company that will be well-positioned to capitalize on a growing set of opportunities in the market. The combined entities are planning an expansion of consumer acquisition channels and geographic footprint. With increased scale, a more diverse retail presence, and deeper product suite, the combined company will have the enhanced capability to better serve both existing and new customers. Both organizations share a legacy of developing deep community ties, along with core values centered on customer service, accountability, and regulatory compliance. The combined organization will have a stronger, deeper leadership team with complementary expertise to drive enhanced operational performance, strategic growth, and risk management.
The combined company will be headquartered in Houston, Texas, maintaining operating offices in Arlington, Texas, Mexico and Spain, and will be led by:
- Mario Trujillo, Chairman of the Board of Directors (DolEx)
- Alberto Laureano, Chief Executive Officer (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 use our complementary footprints to serve existing and new customers better"; said Mario Trujillo Chairman, President and CEO of DolEx.
"We are very excited to partner with the DolEx team and build upon the great similarities, in both business model and company culture, to elevate our geographic presence across multiple channels to better match the evolving preferences of the vibrant US Hispanic population"; said Alberto Laureano, CEO of Barri.
Timing and Approvals
The transaction is expected to close later this year, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals.
Advisors
Jefferies LLC is serving as exclusive financial advisor to Barri, and Vinson & Elkins LLP is serving as legal counsel to Barri.
Goodwin Procter, LLP is serving as legal counsel to DolEx.
About DolEx
DolEx is a multinational company with 26 years of experience in the Financial Services Industry. They offer a comprehensive selection of must-have products and services, including, among others, Domestic and International Remittances, Money Orders, Payments, Check Cashing, and Installment Loans.
In the US, they serve the underserved and underbanked Latino community through their two industry-leading brands, DolEx and Quisqueyana at over 2,600 company owned locations and independent agents; in Spain, they serve the market through their well-renowned brand Europhil at over 650 company owned locations and independent agents.
About Barri
Barri offers financial services of superior quality, convenience and value to the US Hispanic population. The company has over 35 years of experience and its presence expands to over 40 states.
Barri's core services include money transfer (international and domestic), check cashing, and bill payment, but it also offers a large array of other products and services that include mobile reloads (international and domestic), money orders, lottery, pinless reloads for long distance calling, and phone cards.
Customers can find Barri's services in a network of over 2,500 locations, composed of third-party agents, company-operated stores (standalone locations as well as in-store branches), and also online on its website or by downloading the Barri Money Transfer app in Android's Google Play or iOS App Store.
CONTACT:
For more information, please email [email protected] or visit www.DolEx.com or www.barri.com.
SOURCE: Barri Financial Group