Vancouver firm purchases stake in card manufacturer

Vancouver, B.C.-based private equity firm Tricor Pacific Capital, Inc. has purchased a majority stake in CPI Card Group, a Littleton, Col.-based plastic card manufacturer.

The companies announced that Tricor would continue to work with the existing management team. Antonio Accornero will retire, and Bob Clarke, Russ McGrane and Scott Heck will move forward in their capacities as shareholders.

“This partnership allows us to continue to grow and invest in the future of CPI,” said Clarke in a press release.

CPI Card Group is a manufacturer of plastic cards with the capacity to produce over one billion cards a year. The company is certified by major financial companies for secure financial card production. The acquisition was conducted through Tricor’s Chicago office.

“Their recognition in the industry and progressive approach to growth complements Tricor and our initiatives,” said Tricor’s Chicago managing director Brad Seaman.

CPI is not Tricor’s first foray into the plastics sector. Tricor owned Mississauga, Ont.-based Matrix Packaging Inc. in conjunction with its founders since 2002. Matrix was recently purchased by Sonoco Products Co. for US$210 million in May 2007.

“Tricor has been an exceptional partner for Matrix,” noted Matrix’s president Pushminder Judge in his announcement of the sale. “Substantial value has been created for our shareholders as Tricor provided the capital and strategic assistance we needed to grow our business.”