Exponent Private Equity and Clive Kahn today announce the acquisition of Cardsave, one of the UK's leading suppliers of credit card terminals and services to independent retailers.
The company was bought from a consortium of shareholders that includes RJD Partners, Morley Fund Management and Lloyds Development Capital.
Cardsave was founded in 1995 to provide merchant acquiring services and other services to Britain's independent retailers. Today the company services more than £2 billion of transactions per annum.
The company's management will be led by Clive Kahn, the former chief executive of Travelex. Clive will be joined by Mark Dann, the current finance director and Ian Ryder, the operations director.
The Exponent team commented, “Cardsave is a fast growing business, a market leader in its field and is well positioned to expand through both organic growth and selective acquisitions. We believe the company will continue to prosper with the new management under Clive Kahn.”
Clive Kahn, Cardsave CEO said “Cardsave is well placed to benefit from the increasing move from cash to credit and debit card settlement in the small retailer market place. We expect the replacement of cash with plastic to accelerate further with the introduction of contactless payments. It is hoped that Cardsave will be a platform for several acquisitions that we will make in the financial service arena.”