LDC sells Magicard to trade for £42m

The exit comes five years after LDC, the PE arm of Lloyds Banking Group, backed a £22m management buyout of the company from trade vendor Ultra Electronics Holdings, acquiring a majority stake in the company, while the management reinvested for a minority.

During the GP's ownership, it said that Magicard invested heavily in new product development, further developed its printing software capabilities, and expanded internationally.

Company
Founded in 1992 and based in Weymouth, Magicard specialises in identification card printers with high-resolution, full-color image capabilities, built-in card security features and the ability to encode smart cards. In addition to card printers, Magicard offers desktop ID card issuance software and smart cards. It ships its products to more than 100 countries each year.

According to the company's filings, it had £24.9m in sales and £5.7m in EBITDA in 2019. The company expects to generate £23m in turnover in 2021.

People
LDC – Aylesh Patel (investment director).
Magicard – Ian Cliffe (CEO).

Advisers
Vendor – Duff & Phelps (corporate finance); BDO (financial due diligence); CMS (legal).

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