Liveo Research, a portfolio company of Lindsay Goldberg Europe GmbH, has sold its cards solutions business to DUBAG

Headquartered in Castiglione Olona, Italy, in the province of Varese, Liveo Research’s cards solutions business is a major supplier of polyvinyl chloride (PVC) materials to some of the world’s largest card manufacturers. The transaction will allow Liveo Research to focus its growth strategy on the pharmaceutical and specialty packaging businesses and the cards solutions business to flourish under new and dedicated ownership.

“Lincoln developed and successfully executed a complex sale process with multiple buyers in full virtual mode,” commented, Carsten Heldmann, Chief Executive Officer of Liveo Research.

Lincoln acted as the exclusive sell-side advisor to Liveo Research, providing process, financial and tactical advisory expertise and managing the preparatory, marketing, due diligence and negotiation phases of the transaction.

About Lindsay Goldberg

Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised more than $17 billion of equity capital and invested in more than 50 platform companies and over 250 follow-on acquisitions. Lindsay Goldberg Europe GmbH and certain of its members are affiliate partners of Lindsay Goldberg.

About Liveo Research

Liveo Research is a global manufacturer of pharmaceutical and specialty packaging innovations and has around 1,100 employees across five locations worldwide.


DUBAG is a specialized investment advisory firm based in Munich, Germany. Since 2009, the firm advises and manages private equity funds with a focus on the acquisition and active management of companies in special situations, such as corporate spin-offs. Currently, DUBAG is investing funds from the LEO II Fund. The fund was successfully raised in September 2019 and has obtained capital commitments from a number of institutional investors.

Liveo Research AG Lindsay Goldberg Liveo Research Cards Solutions DUBAG 2021 Connect with a Senior Team Member
Lincoln brought its global reach and deal experience for the benefit of our portfolio company, Liveo Research.
Paul Pruss
Director at Lindsay Goldberg

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