Australia's RMB invests in card producer Placard
RMB Capital Partners, an Australian mid-market private equity firm backed by South Africa's FirstRand, has led an investment in Placard, a Melbourne-based producer of secure transaction cards. It is partnering with the existing owner and management team, both of whom acquired minority stakes in the business.
Details of the transaction were not disclosed.
Founded in 1987, Placard produces over 90 million cards annually associated with transactions across financial services, identification and licenses, healthcare and transport. The company offers a one-stop-shop comprising card design, manufacture and personalisation.
Over the past three years Placard's revenues have doubled to more than A$60 million ($62 million).
"RMB showed a deep understanding of our sector and we believe they are the right partner for us as we look to deliver on our plans," said Ganesh Ganeshalingam, CEO of Placard, in a statement.
"There are some very exciting growth opportunities available to Placard, particularly in the smartcard segment, and we look forward to working with Ganesh and his team to capitalise on these as the business enters its next phase of development," added Mark Summerhayes, managing director at RMB.
Summerhayes and Magnus Hildingsson will be joining the Placard board on behalf of RMB along with Steven Furman whose firm HighPoint Capital co-invested in the transaction.
RMB was advised by Freehills and Ernst & Young. Pacific Road Corporate Finance and Mills Oakley Lawyers advised Placard.
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