Tricor Pacific Capital Inc. and H. Sanford Riley, Chairman of the Board of CPI Card Group Inc., have significantly increased their direct ownership in the payments technology company, acquiring a combined 2.1 million shares from long-time stockholder Parallel49 Equity, ULC.
These transactions, conducted in privately negotiated deals, reduced Parallel49’s ownership position in CPI common stock from approximately 42% (4.8 million shares) to about 24% (2.7 million shares) of shares outstanding. Parallel49 initially invested in CPI in 2007 and retained nearly 60% of outstanding shares following CPI’s IPO in 2015.
The Tricor Family Office, which has been an indirect investor in CPI for almost 20 years through Parallel49 funds, initiated a direct position in October 2024 with a purchase of 0.25 million shares in a secondary offering. Following this most recent transaction, the Tricor Family Office’s direct ownership of CPI common stock has increased to 2.2 million shares, representing nearly 20% of shares outstanding.
Rod Senft, Chairman of the Tricor Family Office, stated, “We are excited to materially increase our investment in CPI, as we believe the company provides significant opportunities and a promising growth trajectory. This investment strengthens our commitment to CPI and its leadership team and underscores our confidence in the company’s strategy. We look forward to supporting CPI for years to come to ensure governance continuity and strong alignment to drive shareholder value.”
Mr. Riley, Chairman of the Board of CPI, commented, “We are delighted to have Rod Senft and the Tricor Family Office’s expanded commitment to support the execution of CPI’s strategy. My increased personal investment also demonstrates my continued confidence in CPI’s future prospects.”
John Lowe, President and CEO of CPI, added, “We are extremely pleased to have the support of Rod Senft and the Tricor Family Office and our Chairman, Sandy Riley, as we execute our strategy to grow and diversify the business, including through digital solutions expansion. We believe this transaction will support our shareholders, as the purchase of these shares by committed investors helps provide greater clarity on our long-term ownership structure.”
Following these transactions, CPI’s Board of Directors has approved the grant of share registration and director nomination rights to the Tricor Family Office. Both the Tricor Family Office and Mr. Riley have also entered into lock-up agreements with the Company, restricting the sale or disposal of shares acquired in this transaction for a one-year period from the date of the agreement.
CPI Card Group Inc. is a payments technology company that offers a range of payment cards and related digital solutions. The company serves clients through its US-based facilities.
Tricor Pacific Capital is a Vancouver-based, family-owned investment firm with over 30 years of experience and more than 100 private company investments. It provides its own capital and operating expertise to support businesses.
