Freeths support LDC-backed Cardel on cross-border acquisition and growth plans
Freeths private equity dealmakers have supported LDC-backed Cardel on its cross-border acquisition of VTT based in Germany.
Cardel is a manufacturer and supplier of technical components used in the production of smart cards such as credit cards, mobile SIMs and ID cards. LDC invested in Cardel in 2017 to support the business' international growth plans and today, Cardel has a truly global client base and serves more than 250 customers in over 55 countries. VTT was established in 1996 and is the market leading supplier of components into the global security markets of identity cards, driving licences and passport data pages. VTT is based in Hannover, Germany - it has a production facility in Germany and sales offices across the world. The Freeths private equity team led by Lee Clifford, together with support from Mohammed Abbas, Ben Moylan and other market-leading multi-disciplinary lawyers at Freeths provided strategic legal advice to Cardel on the acquisition, which further increases the company's international footprint and extends its product range.
Marshall Haldane, Chief Executive Officer of Cardel, said: “Freeths' advice and support on the acquisition and further investment process was, as always, best in class. We have been using Freeths for a number of years now and we could not have asked for a better partner than Freeths in supporting us through what is a watershed moment for Cardel.”
Chris Coulton, Portfolio Director at LDC, said: “It's been a pleasure to work with Marshall and the Cardel team on such an important acquisition. Since 2017, we've supported their international growth strategy and this latest transaction accelerates Cardel's strategic expansion into the technology and innovation led security cards market, and provides the group with an EU-based manufacturing presence that opens the door to new markets and strengthens the company's global footprint. We can't wait to see where they go next.”
Lee Clifford, Corporate Partner and Head of Private Equity at Freeths, added, “We understood how important this acquisition was to Cardel and it was a genuine pleasure to work with the Cardel management team in supporting that becoming a reality. Having been trusted legal advisers to Cardel for a number of years, this acquisition represents an important milestone for Cardel and with LDC's continued support we look forward to seeing further growth of the Cardel group going forwards.”
If you wish to discuss any aspect of this acquisition, please contact the Private Equity Team.
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