LDC exits Cardel to Lifco

Private Equity Wire

LDC, a private equity investor which is part of Lloyds Banking Group, has exited its investment in Cardel, a manufacturer and supplier of components used in the production of secure ID documents, and payment cards, to listed Swedish investment group Lifco.

LDC first backed Cardel’s management team, led by CEO Marshall Haldane, in May 2017 to support the business’ international and domestic growth plans. During the partnership, Cardel invested in product development. In 2022, the business also acquired Germany-based VTT, a supplier of identity card, driving licence, passport data page and PCB bare board lamination components to the global security market.

According to a press statement, Cardel saw its revenue and EBITDA more than double during its partnership with LDC, while its headcount increased from 22 employees to 74 employees during the same period.

LDC said that Lifco would now “support Cardel on the next stage of its growth journey, as it looks to target further global expansion, product development and application development, such as within the PCB market, which uses a lot of the same technology Cardel already uses to support its secure payments customers”.

Cardel also produces contents for printed circuit boards (PCB), fuel cells, and wooden furniture.

LDC was advised by Freeths, KPMG and BDO.

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