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Mercia exits card payments specialist in sale to US company

Press release 22 January 2025

Card Industry Professionals – the Grimsby-based card payment solutions provider – has been acquired by Shift4, a US-based company that is a global leader in payments and commerce-enabling technology, listed on the New York Stock Exchange [NYSE:FOUR]. 

Portrait of the team from Card Industry Professionals

The deal provides an exit for Mercia, 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.

Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of SMEs such as retailers, hair salons and hospitality venues. The business was founded in 2017 by award-winning young entrepreneur Ciaran Savage, who was joined by his mother, Lyn Savage, as Operations Director, and John Selby as Sales Director, both of whom have many years of experience in the UK payments industry.

The company 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 Managing Director, said: 

We are excited to be joining the Shift4 family. We are committed to upholding the company values and best-in-class service customers have come to expect from us and are confident that this acquisition will allow us to improve upon those service levels, while offering even more value in the form of new benefits, incentives and product offerings.

Maurice Disasi of Mercia added:

We’re delighted to have supported CIP on its growth journey. Ciaran and the team have built a business with first-class customer support and Shift4 now has the benefit of adding a strong and well-respected team here in the UK as part of their global operations. We wish the team continued success.

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.

Further Information

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Notes to editors

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.  

Mercia Ventures is a trading name of investment funds managed by Mercia Fund Management Limited and Mercia Regional Ventures Limited, part of the Mercia Asset Management PLC Group, and sits alongside the Group’s wider private equity, debt and proprietary balance sheet operations. The Group has 11 offices in the UK, and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. As at 30 September 2023, Mercia Asset Management PLC has c.£1.5billion of assets under management. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds, and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Mercia Regional Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • Mercia Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
  • Frontier Development Capital Limited is authorised and regulated by the FCA under firm reference number 829697

mercia.co.uk

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding.  NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear

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