Cartor, headquartered in Wolverhampton, Birmingham, is a world-leading security printer, producing high-caliber print for its global client base. Historically, the company has been a prominent player in the postage stamp sector, though, in recent years, it has diversified its product portfolio into printing security documents, brand protection, security labels, and polymer substrate that is used for printing banknotes.
Spectra Systems, headquartered in the US, and listed on the AIM in London, is a world leader in providing security technology that includes machine-readable high-speed banknote authentication, brand protection, and gaming security software.
The two companies have been working together for two years to achieve high-quality conventional and machine-readable, ready-for-printing polymer banknote sheets including conductive layers, opacity layers, and bespoke window designs as required by central banks.
Through this acquisition, Spectra and Cartor will enhance their competitive position in the polymer substrate market by further integrating the production supply chain of Fusion.
Regarding the rationale for the deal, Nabil Lawandy, CEO of Spectra stated: “The international polymer substrate market currently has only two suppliers, CCL Industries in Canada and DE LA RUE INTERNATIONAL LIMITED. in the UK. Spectra’s research and dialogues with central banks have clearly shown the desire of the banks to have another supplier of ready-to-print bespoke polymer substrate to produce banknotes.
Our experience in working with the Cartor team for two years has been exceptional. I have great confidence in the leadership of the group led by Andrew Brigham [managing director], Ian Brigham [chairman], and Martin French [finance director]. Andrew Brigham, Ian, and Martin are experienced, innovative, resourceful, and energetic individuals, with whom I am excited to work to increase our revenues and earnings over the coming years.”
Stepstone Corporate Finance+ and UK boutique Alinea jointly acted as sell-side advisors, while Legal Clarity assisted the shareholders on the legal aspects during this transaction.
