Exponent Buys Cardsave

Cardsave, a group that provides credit card services to independent retailers, has been acquired by Exponent Private Equity and former Travelex CEO Clive Kahn.

Cardsave was acquired from RJD Partners, the private equity group that acquired Cardsave three years ago for Gbp45m (US$91m).

Analysts put the value of the deal at Gbp70m (US$141m) and Kahn, along with existing Cardsave board directors Mark Dann and Ian Ryder, will own 27% of the equity, with Exponent holding the rest.

Kahn said that Exponent would be keen to use Cardsave as a platform for making further acquisitions in the financial-services sector.

Exponent was founded in 2004 by four former directors of the venture capital group 3i and paid Gbp163m (US$300m) to acquire UK-based online and call-centre retailer and information provider, Trainline last year. Other deals for the group last year included the acquisition of Discovery Group, which traded at Durrants Media Monitoring for Gbp82m (US$143.2m).