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Freeths advises on LDC’s exit from Cardel, a leading manufacturer of specialist components, to Lifco.

Freeths advises on LDC’s exit from Cardel, a leading manufacturer of specialist components, to Lifco.


The national law firm, has successfully advised on LDC’s exit from Cardel, a prominent manufacturer and supplier of specialist components, following its acquisition by Lifco, a Swedish-headquartered investment group.

Cardel specialises in producing components used in the manufacture of secure ID documents, payment cards, printed circuit boards (PCB), fuel cells, wooden furniture, and laminated products. Freeths has been instrumental in supporting Cardel since LDC’s investment in 2017, assisting with both organic growth and strategic acquisitions, including the 2022 acquisition of Germany-based VTT.

Post LDC’s exit, Cardel will continue its operations under the stewardship of Lifco, led by a five-member management team including Marshall Haldane as CEO and Richard Evans as CFO. They will oversee the company’s growth strategy into its next phase.

The Freeths legal team, led by M&A and Private Equity lawyers Lee Clifford and Mohammed Abbas, with support from Kerry Jiminez, Olivia Johnson, Lucy Stock, Stephen Jones, and Ben Moylan, ensured the successful completion of the transaction.

Lee Clifford, Head of the Freeths Private Equity Group, commented: “Having been part of LDC’s journey in Cardel from the outset, it has been pleasing for Freeths to see Cardel’s growth over the years and for Freeths to have played its role in that. Congratulations to LDC and the management team and we wish Marshall, Richard and the rest of the management team all the best with the next stage of their journey with Cardel. This exit demonstrates Freeths’ pedigree for working with private equity firms and Freeths’ ability to support private equity backed businesses on their full private equity lifecycle.”

Matt Newbold, Investment Director at LDC, added: “Cardel is a business that continues to be at the forefront of innovation, both within the card payment and secure documentation markets. It is a true market leader in this space and the ever-critical area of identity security, supplying technology that keeps people’s identity and assets safer. We know Marshall and his team will continue to lead this niche global market, and we wish them every success for the future.”

Marshall Haldane, CEO of Cardel, praised the Freeths team for their dedication and skill: “I was highly impressed with the skill and dedication showed by the Freeths team who were available at all times to ensure that the transaction was successfully executed against a very aggressive timeframe.”

This transaction underscores Freeths’ expertise in handling complex private equity deals and supporting businesses through their lifecycle, ensuring successful outcomes for all stakeholders involved.