Parallel49-backed CPI to sell Canadian affiliate to Allcard
CPI Card Group Inc (Nasdaq, TSX: PMTS) has agreed to sell its Canadian affiliate to Allcard Ltd, a Cambridge, Ontario-based provider of non-secure card solutions to the gift and loyalty sectors. No financial terms were released for the deal, which is expected to close in early 2019. Littleton, Colorado-based CPI, a provider of payment card production and related services, said the sale is consistent with its plan to 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.
16 November 2018•4 mins read
