Posted Tuesday 20th October 2026
Joelson has advised Codex Capital on its investment in Norell, a newly formed international group operating across the gift card, branded payments, rewards and incentives market.
The transaction brings together Lifestyle, AnyCard and Savvy to create Norell, a business with capabilities spanning multi-brand gift cards, gift card processing, stored-value solutions, international retail distribution, and employee reward and recognition programmes.
Backed by Codex Capital and existing investors in the founding businesses, Norell combines complementary expertise and market-leading capabilities across the branded payments and rewards ecosystem.
Headquartered in the UK, Norell operates across North America and Europe. Collectively, its businesses serve more than 2,000 corporate clients, work with over 1,300 brands and support customers in more than 45 countries and 33 currencies.
The transaction creates a scaled international platform in the branded payments and rewards sector, while enabling each business to retain its established brand identity and specialist expertise.
Kate Osborne, Chief Operating Officer at Codex Capital, commented:
“The creation of Norell represents a compelling opportunity to bring together three highly complementary businesses and accelerate growth across multiple markets. We are grateful to the Joelson team for their outstanding support throughout the transaction. Their commercial approach, responsiveness and ability to manage a complex cross-border process helped ensure a smooth and successful completion.”
Una Deretic, Partner at Joelson, said:
“Bringing together Lifestyle’s market presence, AnyCard’s technology capabilities and Savvy’s processing expertise creates a business with significant opportunities for international growth. A multi-disciplinary Joelson team advised on the investment and governance framework, working closely with the client and wider deal team through to successful completion. We were delighted to support Codex Capital on its investment in Norell and look forward to seeing the group build on these strong foundations in the years ahead.”
The Joelson team was led by Partner, Una Deretic and supported by Associates, Annabel Mockridge and Sylvia Lau.
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