In August 2015 Maven achieved a 7.1x total return on exit from Newhaven-based point-of-sale (POS) cash management specialist Cash Bases Limited, following its merger with US company APG Cash Drawer LLC. Maven clients funded the MBO of Cash Bases in 2004, and the Maven team later supported senior management to complete a key strategic acquisition which helped expand the business into new markets.
Cash Bases has been developing cash management solutions for over 30 years and is now established as one of the world’s leading manufacturers of high quality cash drawers and other POS related products, supplying global brands in the retail, finance and hospitality sectors, across more than 70 countries. Maven executives worked closely with the Cash Bases management team to accelerate the company’s growth by targeting new clients and markets, extending the product offering, and focusing on specialised opportunities within the sector and in overseas markets.
In 2013 Cash Bases secured a multi-million pound contract with Tesco PLC for the integration of its ground-breaking SMARTtill technology in the entire estate (over 25,000) of the retailer’s UK cash tills, providing automated cash management and real-time monitoring of POS transactions, including an intelligent cash drawer system.
The Maven team has proven to be a constructive and valuable investment partner as our business has expanded, offering advice and strategic support as we have developed new products and our overall client offering. Maven was there with support when we required it and we are grateful to them for helping us fund the buyout in 2004. We are happy that their investment in us has proved to be very rewarding, and it has been an enjoyable experience working with Maven.
Philip Stone, Managing Director at Cash Bases
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