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UK firm Exponent acquires Cardsave13/08/2007. Source: AltAssets. 
 London-based buy-out firm Exponent Private Equity and Clive Kahn have acquired Cardsave, a UK supplier of credit card terminals and services to independent retailers. Exponent made the investment from its first fund, which closed in summer 2004 on £400m. The fund bought Cardsave from a consortium of shareholders including RJD Partners, Morley Fund Management and Lloyds Development Capital.
The value of the deal was not disclosed but the Sunday Times reported that it was likely to be above £70m.
Cardsave's management will be led by Kahn, the former chief executive of Travelex. He will be joined by Mark Dann, the current finance director and Ian Ryder, the operations director.
Exponent said in a statement, '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 from the drive of the new management under Clive Kahn and the enhanced resources and involvement of Exponent.'
Kahn added, '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.'
Exponent is an independent investment business focused on UK private equity. The firm's portfolio companies include Discovery Group, GTI Specialist Publishers, Trainline and V-Holdings.
There are rumours that Exponent is about to start raising its second fund, but the firm's PR contact declined to comment on fundraising efforts.
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