FRP advises Brady Corporation on £42 million acquisition of Magicard
Our Corporate Finance team has advised Brady Corporation (Brady), a global leader in industrial and safety printing systems and solutions, on its acquisition of Magicard Limited (Magicard), a pioneer of ID card printing technologies.
The deal is valued at £42 million and provides an exit for private equity firm LDC.
Headquartered in Weymouth, Magicard specialises in identification card printers with high-resolution, full-colour image capabilities, built-in card security features and the ability to encode smart cards. It offers a range of desktop devices to meet local, on-demand, secure ID card issuance requirements, and its products are sold into a variety of end markets and industries.
Listed on the New York Stock Exchange and headquartered in Milwaukee, Wisconsin, Brady is a leader in high-performance, niche application industrial printers and materials. This acquisition adds rigid card printing and encoding to the company’s extensive printer offering.
As a specialist in safety, identification and compliance solutions, Brady employs 5,400 people worldwide and its innovative products – which include high-performance labels, signs, safety devices, printing systems and software – help customers increase safety, security, productivity and performance. The company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical and aerospace, among a variety of other industries, and in 2020, Brady reported global sales close to $1.08 billion.
Our Corporate Finance team, led by Partner Dave Howes and supported by Adam Croft, Alex Hunton and Matt Field, acted as the sole lead adviser to Brady on the deal. This included leading negotiations in relation to valuation, deal structure and submission of offers; coordinating extensive due diligence streams during a full UK lockdown; and driving the deal to achieve a swift conclusion, coordinating with the investment bank acting on behalf of the Magicard’s management team and private equity investors.
Dave Howes said: “It’s been a pleasure to support the Brady team on such a significant milestone in their growth journey, even more so when you consider we began this process at the beginning of the UK’s second nationwide lockdown. This is a further example of our credentials when it comes to advising international corporates on landmark transactions, and demonstrates our ability to negotiate complex terms and ensure a successful outcome for all parties, which includes private equity investors and investment banks. It also demonstrates our ability to work with internal teams to coordinate diligence and the numerous other deliverables through to completion.
“I’m looking forward to watching the Brady group continue to go from strength to strength, and working with management teams of other ambitious companies to deliver their growth strategies.”
Industrials & manufacturing
Buying a business
I’m looking forward to watching the Brady group continue to go from strength to strength, and working with management teams of other ambitious companies to deliver their growth strategies.Dave Howes Corporate Finance