Codex Capital backs Norell in gift card consolidation

Private Equity firm Codex Capital has invested in Norell, a new group combining gift card businesses Lifestyle, AnyCard and Savvy. The deal brings together operations in the UK, Europe and North America.

Norell will sit above the three brands, which will continue to operate under their existing names. The group brings together Lifestyle in London, AnyCard in Toronto and Savvy in Dublin.

Together, the businesses generate more than GBP £100 million in revenue, serve more than 2,000 corporate clients and work with over 1,300 brands. They have processed more than USD $8 billion in card value across more than 45 countries and support 33 currencies.

The transaction comes as consolidation in the gift card and rewards market gathers pace. Recent deals include Tillo's acquisition of Amilon and GoGift's tie-up with CQM Rewards, as companies seek greater scale in a fragmented sector.

Market backdrop

Gift cards, including corporate rewards and incentives, are part of a global market valued at about USD $1.5 trillion this year, according to Fortune Business Insights. It is projected to reach USD $2.2 trillion by 2034.

Lifestyle was an early multi-brand gift card operator in the UK and offers consumers and corporate customers access to gifts, rewards and experiences through more than 750 brand partners. AnyCard and Savvy add processing, international retail distribution and product development, giving the combined group a broader footprint across branded payments and reward programmes.

Codex Capital is backing the enlarged business alongside existing investors in the three companies. The new structure is intended to give each business greater investment and broader international reach while preserving its market focus and team.

Alex Barseghian has been named Group Chief Executive Officer of Norell. He said the combination reflects customer demand for easier access to products and services across multiple markets.

"Customers want simpler access to a wide range of products and services, at home and abroad, in a market that remains fragmented across branded payments, rewards and recognition. This agreement puts the scale, investment and reach of the group behind each of our brands, helping us serve customers and partners even better. The structure helps brands, retailers and businesses connect with consumers and employees through multi-brand cards and stored-value solutions. With Codex Capital's backing, alongside existing investors, founders and talented colleagues, Norell will help each business accelerate progress and bring more products, rewards and technology to our customers and partners," said Alex Barseghian, Group Chief Executive Officer of Norell.

Consolidation trend

Norell's formation reflects a broader shift in stored-value payments, where gift cards are increasingly used for employee rewards, customer incentives, and loyalty schemes rather than traditional gifting alone. This has widened the addressable market for operators that can manage issuance, processing, retail distribution, and cross-border redemption.

For corporate buyers, one attraction is the ability to run reward and incentive programmes across several countries through a smaller number of providers. For retailers and brands, larger intermediaries can offer broader distribution and access to more corporate clients.

Jamie Lawson-Brown of Codex Capital said the investor sees the combined business as well placed in a growing market.

"Norell exemplifies the hallmarks we look for in our investments: a proven business model, an experienced and specialist management team, and exposure to large, growing markets in the UK and internationally. The stored-value payments market is evolving rapidly, with gift cards increasingly used beyond traditional gifting as businesses seek to reward and build loyalty among employees and customers. This creates multiple avenues for market growth, which Norell has the breadth of capabilities to serve. We are delighted to have worked directly with its owners and management team to secure the transaction, and we look forward to continuing to build our partnership," said Lawson-Brown.