CPI Card Group Inc (Nasdaq, TSX: PMTS), a Littleton, Colorado-based provider of financial payment cards and related services, has sold its U.K. business to SEA Equity, a British private equity firm.
No financial terms were released. CPI said the transaction will allow the company to sharpen its focus on core businesses, including card manufacturing, personalization, instant issuance and prepaid.
CPI, which went public in 2015, is a portfolio investment of Canadian private equity firm Parallel49 Equity. Parallel49’s predecessor, Tricor Pacific Capital, acquired the company in 2007.
CPI Card Group Completes Sale of its U.K. Business to SEA Equity
Divestiture Enables Company to Sharpen its Focus on Executing Strategic Priorities
August 09, 2018
LITTLETON, Colo.–(BUSINESS WIRE)–CPI Card Group Inc. (Nasdaq: PMTS; TSX: PMTS) (“CPI Card Group” or the “Company”), a global leader in financial and EMV® chip card production and related services, today announced the sale of its U.K. business to SEA Equity, a private investment firm focused on investments in companies across the United Kingdom and Europe.
“Divesting our U.K. business is a key strategic step toward optimizing CPI’s portfolio and focus,” said Scott Scheirman, President and CEO of CPI Card Group. “With this transaction, we are becoming even better positioned to serve our customers by focusing on our core businesses including card manufacturing, personalization, instant issuance and prepaid. We are continuing to execute on our key strategic priorities and are moving forward with our vision to provide customers with unmatched solutions, innovation and world-class service.”
Mr. Scheirman continued, “We thank the employees of our U.K. business for their contributions to CPI and wish them all the best. We believe that they will continue to effectively serve their markets and customers in the future under SEA Equity’s ownership.”
Elliott Nicholson, partner at SEA Equity, said: “We are excited to add the U.K. business to our portfolio. With its best-in-class product offering, award winning service and high quality operations, we believe the business is well-positioned for the future. We look forward to working with the management team, led by Nick Cahn, to further strengthen its value proposition and market position.”
About CPI Card Group
CPI Card Group is a leading provider in payment card production and related services, offering a single source for credit, debit and prepaid debit cards, including EMV® chip, personalization, instant issuance, fulfillment and mobile payment services. With more than 20 years of experience in the payments market and as a trusted partner to financial institutions, CPI’s solid reputation of product consistency, quality and outstanding customer service supports our position as a leader in the market. Serving our customers from locations throughout the United States and Canada, we have a leading network of high security facilities in the United States and Canada, each of which is certified by one or more of the payment brands: Visa, MasterCard, American Express, Discover and Interac in Canada. Learn more at www.cpicardgroup.com.
EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries.
SEA Equity is a private investment firm backing small and medium sized companies across the UK and Europe. SEA Equity approaches investments with an entrepreneurial mindset and works alongside experienced management teams to promote transformational growth through geographic expansion, strategic acquisitions and operational improvements.
CPI Card Group Inc. Investor Relations
CPI Card Group Inc. Media Relations
+44 (0) 203 675 7732
For more information, please refer to the SEA Equity website: www.seaequity.com