Investment firm BGF, formerly known as the Business Development Fund, has exited its investment in Thames Technology, which makes and designs payment, loyalty and gift cards.
The business has been acquired by Paragon ID, a French identification solutions firm.
BGF first invested in Thames Technology in 2013 with £3.1 million to support the acquisition of new manufacturing equipment. Since then, the business, which is based in Essex, has increased production capacity, improved its service offering, and strengthened its reputation with customers across the retail and financial services sectors.
Mark Bryant, Investor and Head of Manufacturing at BGF, who will step down from the board of Thames Technology, said: “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.”
Che Colford, Operations Director at Thames Technology, added: “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.”