Palladium Equity Partners Backs Leading Management Team to Acquire Remesas Quisqueyana, Inc. (RQI) Co-investors include Baird Venture Partners, Adams Street Partners and

Sewanee Ventures



    NEW YORK, April 16 /PRNewswire/ -- Palladium Equity Partners, LLC
 ("Palladium"), a New York-based private equity firm, announced today that
 it has teamed up with a management-led acquisition group and other
 co-investors to acquire Remesas Quisqueyana, Inc. and Affiliates ("RQI" or
 the "Company"), a family-owned and operated company that offers money
 transfers and other services largely to Hispanic customers. The transaction
 terms were not disclosed.
 
     Headquartered in New York City, RQI is a leading provider of electronic
 funds transfer services from a base of approximately 600 agents and 27
 company-owned branch stores, with capabilities of sending money to 48
 countries through 18,000 payout locations. RQI provides a low cost,
 consumer- friendly approach to this large and growing market consisting of
 tens of millions of customers around the world. In addition to the core
 remittance service via PC terminal, phone or online, the Company offers
 ancillary products, including discount and prepaid telecom cards, travel
 services, tax preparation services and package delivery services. RQI was
 founded in the 1980s and has maintained a leadership position in the
 Dominican Republic market and is expanding into other Latin American
 markets.
 
     David Perez, a Managing Director of Palladium Equity Partners, said,
 "This platform acquisition is attractive due to its solid reputation,
 strong compliance program, scalable IT platform and its large and diverse
 payer and agent network. We are very pleased to be partnering with Mario
 Trujillo, Joe Venezia and Eduardo Villalobos, a proven Hispanic management
 team with a track record of success in acquiring and growing money transfer
 businesses, as we pursue new growth and acquisition opportunities to widen
 the scope of RQI's business."
 
     Mario Trujillo, Chief Executive Officer of RQI, stated, "RQI provides
 our group with a tremendous platform to build one of the premier companies
 serving the Latin American and Caribbean electronic funds transfer markets
 and to develop one of the largest global funds transfer businesses in the
 U.S. and Europe. The combination of this outstanding business platform, our
 experienced management team and the terrific group of strategic and
 financial partners including Palladium, Baird, Adams and Sewanee will allow
 us to expand RQI's footprint. We look forward to bringing our experienced
 management to accelerate RQI's business expansion, international growth and
 creating shareholder value, while further enhancing the Company's market
 position."
 
     According to the Inter-American Development Bank, the worldwide market
 for remittances exceeded $200 billion in 2007. Remittances to the Latin
 America and Caribbean region constitute the largest segment of this
 worldwide market and are expected to exceed $70 billion by 2009.
 
     The management team, led by CEO Mario Trujillo, has been focused on
 investing in companies in transaction processing, business services,
 communication sectors and the unbanked prior to entering into the agreement
 to purchase RQI. Mr. Trujillo has extensive experience within the financial
 services/payment industry and has participated in businesses serving the
 Latino community since 1982.
 
     Palladium served as the lead investor for this transaction, which
 includes equity funds Baird Venture Partners, Adams Street Partners and
 Sewanee Ventures. Management made a significant equity investment through
 Latinvest Management Company II, LLC. As part of the transaction, David
 Perez and Erik Scott of Palladium and Devin Mathews of Baird will join
 Mario Trujillo and Joe Venezia on RQI's Board of Directors.
 
     About RQI
 
     RQI is a leading provider of electronic fund transfer services from a
 base of approximately 600 agents and 27 company-owned branch stores, with
 capabilities of sending money to 48 countries through 18,000 payout
 locations. Headquartered in New York City, the Company currently operates
 in New York, New Jersey, Florida, Massachusetts, Connecticut, Maryland,
 Illinois, Texas, Ohio, Virginia, Georgia, Alaska, New Hampshire, Rhode
 Island, Arkansas, Washington DC, Puerto Rico, the U.S. Virgin Islands and
 Canada. In addition to the core remittance service via PC terminal, phone
 or online, the Company offers ancillary products, including discount and
 prepaid telecom cards, travel services, tax preparation services and
 package delivery services.
 
     About Palladium Equity Partners
 
     Palladium Equity Partners, LLC (www.palladiumequity.com) is an
 investment firm targeting companies in financial and business services,
 consumer/retail, food/restaurants, healthcare, manufacturing and media.
 Palladium has a focus on companies that are well-positioned to capitalize
 on the fast-growing U.S. Hispanic market. The principals of Palladium have
 invested over $2.5 billion of equity in more than 60 portfolio companies
 over the last two decades. Formed in 1997, Palladium currently has
 approximately $1 billion of capital under management.
 
     About Baird Venture Partners
 
     Baird Venture Partners, the U.S.-based venture capital fund of Baird
 Private Equity, makes venture capital investments in early and expansion
 stage business services and healthcare/life sciences companies. Baird
 Venture Partners leverages its in-depth sector knowledge, experienced
 investment team and network of relationships to serve as a value-added
 partner for its portfolio companies. For more information, please visit
 www.bairdventurepartners.com
 
     About Adams Street Partners, LLC
 
     Adams Street Partners (www.adamstreetpartners.com) has been making
 investments in private equity since 1972 and is also credited with
 establishing the industry's first institutional private equity fund of
 funds in 1979. Adams Street Partners has made over 140 investments with the
 objective of backing experienced management teams focused on high-growth
 markets. Investments are made primarily in companies in the technology,
 life sciences and technology-enabled services sectors. Adams Street
 Partners currently manages $16.5 billion and has offices in Chicago, Menlo
 Park, London and Singapore.
 
     About Sewanee Ventures
 
     Sewanee Ventures is a Nashville based venture capital and private
 equity firm focused on backing proven management teams in a variety of
 industries and investment stages. With approximately $100 million under
 management, Sewanee Ventures is currently investing its third fund, Sewanee
 Partners III, LP.
 
 
Contacts: David Lilly/ Lyndsey Estin Kekst and Company (212) 521-4800

SOURCE Palladium Equity Partners, LLC

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