Card Industry Professionals – the Grimsby-based card payment solutions provider – has been acquired by Shift4, a US-based firm that is a global enabler of payments and commerce-enabling technology, listed on the New York Stock Exchange (NYSE:FOUR).
The deal provides an exit for Mercia Ventures, which backed the company in 2022 using funding from the first Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF).
It achieved a “2x return on investment.”
As explained in the announcement, Card Industry Professionals provides card terminals, point of sale and online payment solutions to businesses such as retailers, hair salons and hospitality venues.
The business was reportedly founded back in 2017 by entrepreneur Ciaran Savage, who was joined by his mother, Lyn Savage, as Operations Director, and John Selby as Sales Director, both of whom have experience working in the UK payments industry.
The firm now employs a 20-strong team in Grimsby, has a nationwide network of over 150 sales agents and “processes over £60m worth of transactions per month.”
Ciaran Savage, Founder and MD, said the acquisition will allow them to improve service levels while offering even more value.
Debbie Sorby, Senior Manager at the British Business Bank, said:
“Since receiving funding from the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund, Card Industry Professionals now provides 20 roles in Grimsby, as well as processing over £60m of transactions each month. This exit is a brilliant example of how our regional funds play a role in the growth journey of businesses, unlocking innovation and supporting job creation and international growth.”
Cerelo in Leeds provided corporate finance advice to Mercia and Card Industry Professionals, Marshall & Co Chartered Accountants in Hull provided financial due diligence support, with Wilkin Chapman in Grimsby providing all legal support and guidance.