LDC backs £22m MBO of Magicard

The GP has taken a significant majority stake in Magicard, with the business's senior management reinvesting for a minority stake. The transaction will also see LDC pay up to £3m over the next two years, subject to the company's performance.

Upon completion of the deal, Magicard will look to expand internationally and invest in marketing activity for its Helix retransfer printer.

LDC investment directors Gordon Hague and Chris Neale will take a seat on the board at Magicard.

LDC has been particularly active throughout May, backing the management buyouts of HR software company CIPHR People, cloud-based IT and communications service Giacom World Networks and railroad vehicle supplier TXM Plant.

The GP has also made two divestments, partially exiting fashion and homeware retailer Joules via an IPO and exiting commercial radio group Orion Media in a trade sale to Bauer Media Group.

Company
Founded in 1992 and headquartered in Weymouth, Dorset, Magicard produces ID card printers. Its products enable customers to encode cards with magnetic strips, chip and pin security, watermarks and other verification features.

Magicard generates a turnover of £19.3m and exports to 100 international markets.

People
LDC – Gordon Hague, Chris Neale (investment directors); Aylesh Patel (investment executive).
Magicard – Andy Matko (CEO).

Advisers
Equity – Duff & Phelps (corporate finance); CIL (commercial due diligence); RSM (financial due diligence); CMS Cameron McKenna (legal).
Vendor – KPMG (financial due diligence); Osbourne Clark (legal).
Management – Liberty Corporate Finance (corporate finance); Shoosmiths (legal).

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