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Privet Capital acquires cash processing solutions business from De La Rue

Privet Capital, a private equity investor focused on creating value through operational improvement,  has acquired Cash Processing Solutions Limited and its subsidiaries (CPS) from De La Rue.

CPS is a specialist in providing cash processing hardware, software and related services to central banks, commercial banks, state printworks and commercial cash processing companies. Its sorting solutions process 125 billion banknotes per annum from operations in 106 countries, supported by a team of over 500 people.
 
Under the terms of the sale agreement, De La Rue will enter into a strategic partnership with CPS that will focus on product innovation and technology development, sales and marketing. The partnership will also see De La Rue support CPS in the sale of CPS equipment into central banks, as well as into the De La Rue Currency Printworks. CPS management will remain with the business, which will continue to trade under its current branding. 
 
Steve Keating, Managing Partner of Privet Capital, says: “We are extremely pleased to have acquired CPS and are excited about the potential that the business presents. We have the significant advantage of retaining both the existing CPS management team and the ongoing strategic support of De La Rue, in addition to the operational expertise and focus that Privet offers. I have no doubt that this combination will allow us to accelerate the growth of the business and enable CPS to continue, in the long term, to develop its strong product portfolio and further strengthen its excellent long-standing customer relationships.”

Keith Eckford, Managing Director at CPS, adds: “This is a very exciting development for CPS, our staff and our customers. The growing global market in cash processing means we can continue to invest in the development of our strong product range, our excellent people and our outstanding service. We have secured strong and stable financial support through Privet and a valuable strategic partnership with De La Rue. I believe this will allow our business to fulfil the significant potential that we have long believed it has.”
 
Martin Sutherland, CEO of De La Rue, says: “Following a root and branch review, we have concluded that, whilst CPS has a good product profile and long-term customer relationships, we do not believe that this is a business which should form part of our portfolio. The sale will enable De La Rue to focus on its core business and future growth areas, as well as allow CPS to achieve its full potential under the new ownership.
 
“We have entered into a strategic partnership with CPS, which will ensure that both De La Rue’s customers and CPS’s customers continue to benefit from each company’s expertise over the long term.”
 

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