Card Industry Professionals Acquired by Shift4
Deal News | Dec 12, 2024 | Mercia Fund Management (Mercia Ventures)
Card Industry Professionals, a Grimsby-based provider of card payment solutions, has been acquired by Shift4, a leading U.S. payment technology company listed on the NYSE. This transaction marks an exit for Mercia Ventures, which initially funded Card Industry Professionals in 2022 through the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund, yielding a 2x return on investment. Founded in 2017, Card Industry Professionals offers card terminals, point-of-sale, and online payment solutions to a diverse range of businesses. It employs 20 staff in Grimsby and manages a network of over 150 sales agents, processing over £60 million of transactions monthly. The acquisition will enable Card Industry Professionals to enhance its service offerings while utilizing Shift4's global resources. The transaction also exemplifies the role of regional funds in supporting the growth of local businesses. Key advisers in the deal included Cerelo for corporate finance, Marshall & Co for financial due diligence, and Wilkin Chapman for legal support.
Sectors
- Financial Services
- Private Equity and Investment Funds
Geography
- United Kingdom – The primary geography of Card Industry Professionals' operations and Mercia Ventures' involvement.
- United States – Relevant as Shift4, the acquiring company, is based in the US and trades on the NYSE.
Industry
- Financial Services – Relevant due to the involvement of card payment solutions and financial technology services provided by Card Industry Professionals and Shift4.
- Private Equity and Investment Funds – Pertains to Mercia Ventures' investment and exit strategy via the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund.
Financials
- 2x Return on Investment – The financial return achieved by Mercia Ventures on its investment in Card Industry Professionals.
- £60 million per month – The volume of transactions processed by Card Industry Professionals.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Card Industry Professionals | Target Company | Company | A UK-based provider of card terminals, point-of-sale, and online payment solutions. |
| Shift4 | Bidding Company | Company | A US-based global leader in payments technology listed on the NYSE. |
| Mercia Ventures | Selling Company | Company | Private equity firm that exited its investment in Card Industry Professionals. |
| Northern Powerhouse Investment Fund | Investor | Investment Fund | Provided funding for Card Industry Professionals' growth. |
| Midlands Engine Investment Fund | Investor | Investment Fund | Also provided funding for Card Industry Professionals. |
| Ciaran Savage | Managing Director | Person | Founder of Card Industry Professionals. |
| Debbie Sorby | Senior Manager | Person | Representative of the British Business Bank discussing the impact of investment funds. |
| Cerelo | Corporate Finance Advisor | Company | Provided corporate finance advice for the transaction. |
| Marshall & Co Chartered Accountants | Financial Due Diligence | Company | Handled financial due diligence for the transaction. |
| Wilkin Chapman | Legal Advisor | Company | Provided legal support for the transaction. |