Acquired by Privet Capital from De La Rue plc as a non-core operation in March 2016, CPS is one of the market leaders providing world-class cash processing hardware, software and related services to central banks, commercial banks, state printworks and commercial cash processing companies. Its solutions play a critical role in managing cash throughout its lifecycle from manufacture through to issuance, circulation, processing and destruction. These complex sorting solutions process over 100 billion banknotes per annum from operations in 106 countries, supported by a team of over 500 people.
Andrew Crawshaw, CFO of CPS, said: “We are delighted to have secured this funding from Leumi ABL to support our growth ambitions. Leumi have taken the time to understand the nuances of our business and we look forward to building a very successful working relationship.”
Ian Slater, Partner at Privet Capital, said: “We approached Leumi due to their understanding of our specific plans and requirements and ability to structure business-appropriate financing packages. Leumi has delivered a funding solution which will provide essential flexibility and support for CPS’s growth ambitions.”
Martin Risman, Leumi ABL Regional Sales Director, commented: “CPS is an exciting, well established business with a world-class product and customer base and a stand-out global growth plan. We are delighted to be involved in supporting the business in the next stage of its journey.”
Privet Capital were advised on the transaction by Fladgate and Leumi ABL were advised by Squire Patton Boggs.