Boston -- August 31, 2009 -- Great Hill Partners, LLC (“Great Hill”) announces today that it has sold Custom House Ltd. (“Custom House”, or the “Company”) to The Western Union Company (NYSE: WU) for US$370 million.
With a physical presence in seven countries, Custom House is a leading provider of business-to-business international payments solutions using market-leading technology. The company’s award-winning products and global banking relationships enable clients to make transactions quickly, efficiently and securely. Custom House is based in Victoria, Canada and has over 630 employees.
In February 2006, Great Hill acquired a substantial minority interest in the Company as the result of a comprehensive analysis of the international payments sector. Great Hill first approached the company in 2004, two years prior to its investment. Since Great Hill’s investment in 2006, the company has grown revenue over 20% annually to approximately $100 million today.
About Great Hill Partners
Great Hill Partners is a private equity firm with $2.7 billion under management. Great Hill Partners seeks to partner with middle-market companies operating in high growth sectors in the financial technology, business services, Internet, healthcare media/communications, software, and transaction processing sectors. Great Hill Partners closed its $1.1 billion fourth fund in February 2009. For more information, please visit www.greathillpartners.com.