Cashnet Logistics(Pty) Ltd
Nature of Business:
Leading suppliers of cash management and electronic payment solutions into the South African and African markets.
BRIEF DESCRIPTION OF THE TRANSACTION
In October 2014, High Street Capital lead a consortium to acquire a 70% interest in Dynamic Payment Solutions (DPS) which itself, following restructuring, currently owns a 74.8% interest in Cashnet Logistics.
Cashnet Logistics operates a complete end to end cash management service that controls all aspects of cash placed into its intelligent drop safe devices. Customers enjoy the benefits of a service which includes an online account, cash insurance, cash collection, cash processing and daily cash settlement. The business continues to show steady growth with an increase in deployed devices of 250% since the effective deal date.
Finance for the Cashnet operation is obtained via an asset backed facility with Bidvest Bank.
