CPI Card Group Inc. announced that Tricor Pacific Capital has acquired 1.9 million shares of its common stock. Additionally, H. Sanford (Sandy) Riley, Chairman of the Board of CPI, purchased 0.2 million shares. These transactions come from CPI’s significant stockholder, Parallel49 Equity, which has reduced its stake from approximately 42% to about 24% of outstanding shares.
The Tricor Family Office has been an indirect investor in CPI for nearly 20 years through Parallel49 funds. In October 2024, it began directly purchasing CPI shares. With the new transaction, Tricor’s direct ownership now stands at 2.2 million shares, nearly 20% of shares outstanding.
Rod Senft, Chairman of the Tricor Family Office, expressed enthusiasm about increasing their investment, citing confidence in CPI’s growth potential. “We are excited to materially increase our investment in CPI, as we believe the company provides significant opportunities and a promising growth trajectory,” Senft said.
Sandy Riley highlighted that Tricor’s commitment supports CPI’s strategic goals. “We are delighted to have Rod Senft and the Tricor Family Office’s expanded commitment to support the execution of CPI’s strategy,” he stated.
John Lowe, President and CEO of CPI, noted the importance of this support in helping to clarify the company’s long-term ownership structure. The CPI Board of Directors has granted Tricor rights related to share registration and director nominations, with both Tricor and Riley agreeing to lock-up agreements for one year on their purchases.
Source: Press Release
