Freeths advises on LDC’s exit of Cardel

The private equity group at national law firm Freeths has advised on LDC’s exit of Cardel, a leading manufacturer and supplier of specialist components to Lifco, a listed Swedish-headquartered investment group.

Cardel is a 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.

Freeths supported LDC on its investment into Cardel in 2017 and since then Freeths have supported Cardel with both its organic and acquisitive growth, in particular supporting Cardel in 2022 on its acquisition of Germany-based VTT.  

Following LDC’s exit, a five-strong management team headed by Marshall Haldane (Chief Executive Officer) and Richard Evans (Chief Financial Officer) will continue to operate the Cardel business as part of its next phase of growth under Lifco’s stewardship.

The Freeths legal team was led by M&A and Private Equity lawyers Lee Clifford and Mohammed Abbas, supported by Kerry Jimenez (Managing Associate, Corporate), Olivia Johnson (Managing Associate, Corporate), Lucy Stock (Legal Assistant, Corporate), Stephen Jones (Partner, Tax) and Ben Moylan (Partner, Banking and Finance).

Commenting on the deal, Lee Clifford, Head of the Freeths Private Equity Group said: “Having been part of LDC’s journey in Cardel from the outset, it has been pleasing for Freeths to see Cardel’s growth over the years and for Freeths to have played its role in that. Congratulations to LDC and the management team and we wish Marshall, Richard and the rest of the management team all the best with the next stage of their journey with Cardel. This exit demonstrates Freeths’ pedigree for working with private equity firms and Freeths’ ability to support private equity backed businesses on their full private equity lifecycle.”

Matt Newbold, Investment Director at LDC, continued: “Cardel is a business that continues to be at the forefront of innovation, both within the card payment and secure documentation markets. It is a true market leader in this space and the ever-critical area of identity security, supplying technology that keeps people’s identity and assets safer. We know Marshall and his team will continue to lead this niche global market, and we wish them every success for the future.”

Marshall Haldane, CEO of Cardel, added: “I was highly impressed with the skill and dedication showed by the Freeths team who were available at all times to ensure that the transaction was successfully executed against a very aggressive timeframe.”