Custom House Completes Equity Investment by Great Hill Partners
Boston, MA -- February 7, 2006 -- Peter Gustavson, FCA, Founder, President and CEO of Custom House, the largest independent foreign exchange company in North America, is pleased to announce the completion of a substantial equity investment in the Company by Great Hill Partners, a Boston-based investment firm with over $1.2 billion under management.
"This equity investment will provide Custom House with the resources to accelerate our geographic expansion and fund acquisitions," said Mr. Gustavson from his Company's global headquarters in Victoria, BC. "Custom House will continue to expand its market presence in North America, Europe and Asia Pacific."
In 2005, the Company opened offices in Italy and Singapore and significantly expanded its operations in North America.
"We are very excited about partnering with Peter Gustavson and his team at Custom House," said Mark Taber, Partner of Boston-based Great Hill Partners. "We see excellent opportunities to consolidate around Custom House and view the Company as an ideal platform with strong management, significant recurring revenue and a defensible business model in an international growth market."
Ian Taylor, Senior Vice President, Global Sales & Marketing said, "With Great Hill as a partner, Custom House will continue to invest in our award-winning and market-leading online foreign payment platform and maintain the highest service levels in the foreign exchange industry."
About Custom House
Custom House handles more than US $10 billion in transactions annually for 45,000 clients in Australia, Canada, Italy, New Zealand, Singapore, the United Kingdom and the United States. The Company recently opened its 83rd international branch in Singapore. Custom House provides currency exchange solutions to pay foreign invoices and exchange foreign receivables. The Company offers foreign exchange currency drafts, international wires, forward contracts, a foreign exchange rate watch service, world market updates and transactions through its online platform for importers, exporters and financial institutions. The Company's website iswww.customhouse.com.
About Great Hill Partners
Great Hill Partners is a private equity firm that manages over $1.2 billion in capital and focuses on investments in growth companies operating in the business services, media, communications, information, education and IT sectors. Great Hill Partners targets equity investments of $20 million to $75 million. For more information, please visitwww.greathillpartners.com.