CPI Card Group has completed the sale of its business in the UK to private investment firm SEA Equity as part of its strategy to optimise portfolio. Financial details of the deal have not been disclosed.
The divestiture is expected to improve CPI Card’s focus on core businesses such as card manufacturing, personalisation, instant issuance and prepaid.
CPI Card Group offers payment card production and associated services, including EMV chip, personalisation, instant issuance, fulfilment and mobile payments.
Apart from the UK, the company operates across the US and Canada.
CPI Card Group president and CEO Scott Scheirman said: “Divesting our UK business is a key strategic step toward optimising CPI’s portfolio and focus. We are continuing to execute on our key strategic priorities and are moving forward with our vision to provide customers with unmatched solutions, innovation and world-class service.
“We thank the employees of our U.K. business for their contributions to CPI and wish them all the best. We believe that they will continue to effectively serve their markets and customers in the future under SEA Equity’s ownership.”
SEA equity partner Elliott Nicholson added: “We are excited to add the U.K. business to our portfolio. With its best-in-class product offering, award winning service and high quality operations, we believe the business is well-positioned for the future.
“We look forward to working with the management team, led by Nick Cahn, to further strengthen its value proposition and market position.”