SecurityWorldMarket

31/05/2016

Magicard exits Ultra Electronics Group

Weymouth, Dorset (UK)

Andy Matko, CEO of Magicard Ltd.

The UK-based manufacturer of Magicard secure ID card printers has confirmed an investment from leading mid-market private equity firm LDC, in conjunction with CEO Andy Matko and the company's leadership team, Andrew Cornelius, Alan Pickering, David Worsdell and Luis De La Cruz. As a result, the business exits the Ultra Electronics group and renames from Ultra ID to Magicard Ltd.

Organically developed within the defence and security specialist Ultra in 1992, Magicard is one of the World’s leading manufacturers of secure desktop ID card printers, with offices in Weymouth (UK), Redmond (USA), Shanghai and Dubai and a global network of value-added distribution partners. Operations, engineering and production will continue to centre at the high-precision Weymouth facility and all other global offices will remain fully operational.

Andy Matko, CEO of Magicard Ltd. said: “This is exciting news for Magicard and our global network of loyal partners. This deal, along with the recent development of our Helix retransfer printer, will enable the business to move to the next level by investing further in product development, sales and marketing. For our customers and suppliers, it will very much be business as normal, with the existing management team and global operations centres all staying in place.”

The Helix retransfer printer, launched this year after a five-year product development, is the only printer of its type in the World with built-in security, produces high quality photo ID cards and is aimed at higher volume government and banking markets.

Gordon Hague, Investment Director at LDC, said: “Andy Matko and his senior management team have built a dynamic company with a respected and trusted position in the ID market as evidenced by its broad and growing customer base. We have already identified a number of growth opportunities to expand into new industry verticals and geographies and look forward to partnering with Magicard’s management team to achieve those goals.”

Magicard Ltd. will operate as an independent UK limited company with the backing of LDC.  LDC is part of Lloyds Banking Group, is authorised and regulated by the Financial Conduct Authority and  backs ambitious management teams from UK-based companies seeking up to £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.


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