The former chief executive of foreign exchange company Travelex is the new head of Cardsave after buying the business in partnership with a private equity firm.

Clive Kahn and Exponent Private Equity LLP bought the supplier of credit card terminals and services to independent retailers for an undisclosed sum.

Cardsave was sold by a consortium of shareholders including RJD Partners, Morley Fund Management and Lloyds Development Capital.

Exponent financed the deal from its £400 million 2004 investment fund, which was complemented by debt and mezzanine provided by Lloyds TSB Corporate Markets’ acquisition finance team.

Kahn becomes chief executive and will be supported by existing finance director Mark Dann and head of operations Ian Ryder.

Kahn said he plans to use Cardsave to make several acquisitions in the financial services market.

Exponent has completed six investments so far, which include the acquisition of TSL Education for £235 million, a £82 million deal for Discovery Group and the takeover for Trainline from Virgin for £163 million.

Cardsave has been providing merchant and related services to independent retailers across the UK since 1995. Today the company services more that £2 billion worth of transactions each year.