We are delighted to have supported Codex Capital with its investment into the establishment of Norell, a new international group operating across the gift card, branded payments, rewards and incentives market

Backed by Codex Capital and existing investors in the founding businesses, Norell brings together complementary capabilities spanning multi-brand gift cards, gift card processing, stored-value solutions, international retail distribution and employee reward and recognition programmes. Each business will continue to operate under its existing brand. 

Buzzacott provided financial due diligence to Codex Capital in relation to its investment. We also supported Motivates (the holding parent company of the Lifestyle brand) with financial due diligence and transaction advisory support. 

The Buzzacott Transaction Services team was led by Alex Judd and Stephen Byrne.

Who are the firms involved

Lifestyle provides multi-retailer gift cards across the UK and Ireland. AnyCard is a Canadian gift card technology business operating across North America, while Savvy provides international gift card processing through its Elevate platform. 

About the new group 

Norell is a global branded payments, gift card and rewards group bringing together AnyCard, Lifestyle and Savvy. Headquartered in the UK, it operates across North America and Europe. 

Collectively, its businesses serve more than 2,000 corporate clients, work with more than 1,300 brands and support clients in more than 45 countries and 33 currencies. Their products are available online and through more than 13,000 merchant locations. 

The new structure is intended to provide each business with greater scale, investment and international reach while preserving the individual brands and specialist capabilities already recognised by customers and partners. 

What we liked about the deal

The engagement involved several connected workstreams across businesses operating in different territories and segments of the gift card and rewards market. Our existing knowledge of Motivates and its operating model enabled us to work efficiently with the management and investment teams throughout the process. 

“We are very pleased to have supported Motivates and Codex Capital across this transaction. Lifestyle, AnyCard and Savvy bring complementary capabilities to Norell and create a strong platform across gift cards, branded payments, processing and rewards. 

The transaction involved several interconnected diligence workstreams, and it was a pleasure to work closely with the management and investment teams throughout the process. We wish everyone at Norell every success in the group’s next stage of development.”  - Alex Judd, Head of Transaction Services 

"Massive thanks to both Alex and Stephen for their support in getting these deals successfully completed. We are grateful for the Buzzacott team’s commitment and professionalism." - Bryan Grimbeek, Head of Finance