Investment type
- Management buyout
Cardel is a leading manufacturer and supplier of specialist components used in the production of secure ID documents, payment cards, printed circuit boards (PCB), fuel cells, wooden furniture and other laminated products.
Headquartered in Hertfordshire, the business’ materials are used to make a wide range of industrially laminated products. This includes an estimated third of bank cards produced globally and around 60 per cent of all identity cards and passports.
An international expansion plan
LDC invested in Cardel in 2017 to support the business’ international and domestic growth plans.
This included investment in product development, which enabled Cardel to launch new innovations in the card payment and secured identification documentation markets.
In 2022, LDC helped Cardel to acquire Germany-based VTT, a market-leading supplier of identity cards, driving licences, passport data pages and PCB bare board lamination components to the global security market. The acquisition further increased Cardel’s international footprint and extended its product range into wider sectors.
Building on a successful track record
During the partnership with LDC, Cardel more than doubled revenue and EBITDA, and increased headcount from 22 to 74 employees.
Today, the company has a truly global client base and serves more than 275 customers in over 55 countries. To support this, it has on the ground technical support and representation in 14 countries, including the US, China and India.
In May 2024, LDC exited its investment in Cardel to listed Swedish investment group Lifco.
