The Pennsylvania Food Merchants Association (PFMA) announces the sale of its business subsidiary MEMO Financial Services, Inc. to Catalina Acquisitions, LLC, effective October 30, 2015.
As part of Catalina Acquisitions, MEMO Financial Services, a leading money services business, will be able to enhance its service to current customers, expand its product offering and better compete in the highly competitive financial services marketplace.
Catalina Acquisitions, LLC, established in 2010 and based in Irvine, California, is a holding company that owns several regulated financial service entities. These operating companies enable consumers, who are not fully served by traditional financial institutions, to obtain money services products. They are supported by an award winning customer-centric platform that offers point of sale and web delivery of the “must-have” products for the underserved consumer, including money orders, money transfers, check cashing, bill payment, prepaid debit card servicing and mobile top-ups.
“The acquisition of MEMO accelerates our mission to provide turn-key options for underserved consumers to handle all of their financial needs through a fast and integrated platform,” said Jerry Conrad, Chairman of Catalina. “The addition brings another incredible management team, complimentary customer footprint and a unified mission to serve as a trusted provider of robust solutions to consumers, retailers and financial institutions. We are delighted to welcome MEMO to the Catalina family.”
“The team and stakeholders of MEMO Financial Services, Inc., and subsidiaries are very excited about this significant business opportunity that further expands our suite of products,” said Tanya Butler, President and CEO of MEMO Financial Services, Inc. “The collaboration with Catalina Acquisitions, LLC and affiliated businesses will be value added enabling MEMO to broaden its footprint in a competitive financial services industry. We look forward to being a member of the Catalina family and working with a solid group of industry experts.”
The PFMA board of directors approved the sale of MEMO during their annual board meeting on May 13, 2015 in Bedford, Pennsylvania. Catalina Acquisitions has retained the current 39-member MEMO staff and will lease office space in the PFMA building at 1029 Mumma Road, Wormleysburg, Pennsylvania.
The Pennsylvania Food Merchants Association (PFMA) established MEMO Financial Services, Inc. in 1986. Today, MEMO operates in 19 states, representing a diverse group of retailers, including supermarkets, convenience stores, check cashers, university book stores, insurance agents, dollar stores, pharmacies and travel agencies. For more information on MEMO Financial Services, Inc., visit its website at www.memoco.com.
