PAC sells off its plastic card division for €13.9 million

INVESTMENT group, Prime Active Capital (PAC), which grew out of last year’s overhaul of Dublin-based printing firm Oakhill, has sold part of that original business for nearly €14 million.

PAC has sold its plastic pard company and PCC Services subsidiaries to British company, CPI Card Group UK Holdings for a combined £11 million (€13.9m).

“The company continues to develop the strategy outlined to shareholders last year and invest in companies or acquire underperforming assets, in sectors where the company and management have significant experience and that offer strong growth opportunities. Part of that strategy is to divest non-core businesses where that opportunity can be created, in order to recycle funds into higher growth areas,” said PAC executive chairman, Peter Lynch yesterday.