Keycard giant Plasticard Locktech International LLC has opened another door with its purchase of card maker and marketer PSA.
Plasticard Locktech, which goes by the initials PLI, is the world's largest hotel keycard and gift and loyalty card manufacturer. PSA is a major U.S. manufacturer of plastic gift cards. Terms of the deal were not disclosed.
PSA was a portfolio company of Spell Capital Partners.
“The acquisition of PSA marks another milestone moment in PLI's 29-year history,” PLI President and CEO Peter Krauss said in a Nov. 2 news release. “It not only adds capacity, capability, and another valuable distribution point for our customers, but we are also gaining a talented and motivated team.”
Asheville, N.C.-based PLI said the addition of PSA will increase PLI's workforce from 700 to 1,000. The firm's production space also will grow from 300,000 square feet to 450,000.
PLI's annual card production capacity will increase from 1.1 billion to 1.6 billion. The firm also is increasing annual card production at its plant in North Las Vegas, Nev., from 350 million to 600 million. PLI is adding a third shift and 50 new employees in North Las Vegas. Another 25 employees eventually will be added there, officials said.
Romeoville, Ill.-based PSA makes gift, loyalty and membership cards, as well as signage, carriers and direct mail envelopes. PSA President and CEO Jim Cyze now will serve as executive vice president of business and product development at PLI.
Chicago-based Stout Risius Ross Inc. advised PSA on the deal.
“Becoming part of the PLI family is extremely exciting for PSA, and it is the perfect culmination of more than eight years of hard work by the employees of PSA,” Cyze said in the release. “These are demanding times in the hospitality, gift, loyalty and membership markets, and we believe that joining forces with PLI clearly establishes our model as the only complete full service model in the industry.”
PLI now has production sites in Asheville, North Las Vegas, Romeoville and St. Louis, as well as distribution centers in Canada, the Netherlands and Dubai.
“Many companies strive to be the biggest, and we have achieved that,” Krauss said in the release. “Our focus, however, is to simply offer the best service and value to our customers, and this deal is in keeping with that goal.”
He added that PLI “is excited that the existing key members of leadership at PSA have chosen to become members of the PLI team.”