Norell combines AnyCard, Lifestyle & Savvy under one group

AnyCard, Lifestyle and Savvy have combined under a new parent group, Norell, which operates in the global gift card, rewards and incentives market.

The new structure brings together businesses focused on multi-brand gift cards, gift card processing, stored-value products, and employee reward and recognition programmes across the UK, Europe and North America.

The combined business generates more than GBP £100 million in revenue and is backed by Codex Capital alongside existing investors in the three companies. The businesses will continue to trade under their current brands while operating under the new parent group.

Collectively, the group serves more than 2,000 corporate clients and works with more than 1,300 brands. Across more than 45 countries and 33 currencies, the businesses have processed more than USD $8 billion in card value.

The arrangement links three businesses with different areas of focus. Lifestyle is one of the UK's earlier multi-brand gift card operators and works with more than 750 brand partners in consumer and corporate gifting, rewards, and experiences.

AnyCard adds a North American gift card technology and distribution business. According to company information, it works with more than 550 brands across North America, distributes through more than 8,000 retail and business-to-business locations in Canada, and supports more than 1,000 gift card programmes.

Savvy also provides gift card processing operations, including its Elevate platform, which supports brand programmes across multiple markets. The combination is intended to give each business greater scale and broader international reach while keeping existing brand identities and teams in place.

Market shift

The deal comes as gift cards and stored-value products are being used more widely beyond traditional consumer gifting. Businesses are increasingly using them in employee reward schemes, customer loyalty efforts and incentive programmes, widening the market for providers that can operate across multiple countries and currencies.

Norell cited an estimate valuing the global gift card market, including corporate rewards and incentives, at USD $1.5 trillion in 2026. That market is projected to reach USD $2.2 trillion by 2034.

Codex Capital provided new investment as part of the transaction. The funding will support the three businesses' strategies, including investment in technology, content and services across international markets.

Alex Barseghian, Group Chief Executive Officer of Norell, set out the rationale for the combination.

"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 and rewards and recognition. This agreement puts the scale, investment and reach of the group behind each of our brands, to serve customers and partners even better. This 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.

Investor backing

For Codex Capital, the transaction adds a business with exposure to consumer spending, retail partnerships and corporate incentives. The investor said the market is changing as companies use gift cards and similar products in a wider range of commercial and employee engagement settings.

"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 growing the market, 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 Jamie Lawson-Brown of Codex Capital.