BGF has exited its investment in Thames Technology, one of the UK’s largest manufacturers and designers of payment, loyalty and gift cards. The business has been acquired by Paragon ID, the Paris-listed provider of identification and traceability solutions.
BGF first invested in Essex-based Thames Technology in 2013, with £3.1m to support the acquisition of new manufacturing equipment. Since then, the business has increased production capacity, improved its service offering, and strengthened its reputation in the UK and internationally with customers across the retail and financial services sectors.
BGF investor and Head of Manufacturing Mark Bryant, who will step down from the board of Thames Technology, commented: “This is a good result for Thames Technology, and a reflection of the hard work of the team. The UK is proud of its rich manufacturing heritage and Thames Technology is part of that, bringing innovation to the retail and financial sectors. We wish them the very best for their future with Paragon ID.”
Che Colford, Operations Director at Thames Technology, commented: “Everyone here at Thames is very happy and excited to join the Paragon ID group. Our markets are becoming increasingly characterised by the convergence of applications across the domains of Payment, Identity and Transportation and are also becoming increasingly international. Joining an internationally-renowned, industrial group with strong presence in these markets makes a lot of sense for Thames and its stakeholders.”
Clem Garvey, Paragon ID CEO, stated: “The acquisition of Thames Technology represents another step-change in the development of our Company. Just one year ago, we entered the Payment market with the acquisition of AmaTech Group. The acquisition of Thames firmly positions us in the Payment card space, with our own EMV-certified site, while also providing us with manufacturing and personalisation capacity in Britain for smart-cards which can be used across all of our existing business activities. We are delighted to welcome the Thames team to the Paragon ID group and look forward to great success together.”