CPI Card Group Completes Sale of its U.K. Business to SEA Equity
August 09 2018 - 8:00AM
Business Wire
Divestiture Enables Company to Sharpen its
Focus on Executing Strategic Priorities
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180809005085/en/
CPI Card Group Inc. Investor RelationsWilliam Maina(877)
369-9016InvestorRelations@cpicardgroup.comorCPI Card Group Inc.
Media RelationsMedia@cpicardgroup.comorSEA
EquityElliott Nicholson+44 (0) 203 675
7732Elliott.Nicholson@seaequity.comorFor more information, please
refer to the SEA Equity website: www.seaequity.com
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