- The Business Journals

Nov 09, 2024

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Cranberry-based Allegheny Card Solutions bought by NewGuard, investors include Tecum.

Allegheny Card Solutions, based in Cranberry Township, has been acquired by NewGuard Plastic Cards.

NewGuard, based in Rocky Mount, Virginia, is one of the largest manufacturers of plastic, composite, eco and technology cards in North America.

Terms were not disclosed.

Allegheny Card Solutions produces paper and plastic gift, loyalty and membership card products. Its roots go back to 1936 when it was founded as Permochart Corp.

The deal is expected to accelerate NewGuard's ability to scale and deliver customized card products to customers. The combined entity has in-house expertise in print, card production, personalization, packaging and fulfillment.

Cleveland-based Daboosh Investments backed NewGuard and was supported by Wexford-based Tecum Capital Partners.

Tecum is the region's 4th-largest private equity/venture capital firm in the Pittsburgh region, according to the list published by the Business Times on April 5. The firms were ranked by capital under management, which was $750 million.

“NewGuard and Allegheny presented a compelling opportunity to support two businesses that will collectively become an industry-leading one-stop-shop in card manufacturing," Matt Harnett, Tecum partner, said in a prepared statement. "We are excited to partner with Daboosh and two very strong management teams to continue to grow market share and expand product offerings, and especially happy to be partnering with a collective group of local parties in a true backyard deal for Tecum."

Tecum's team, in addition to Harnett, included Paul Oris and Justin Uhlenbrock.

Dollar Bank provided senior financing to support the transaction. Law firm Metz Lewis provided legal services for the investor group. Dollar Bank and Metz Lewis are both based in downtown Pittsburgh.