Cardo is a leading provider of repair, maintenance, energy efficiency upgrade and compliance services to social housing programmes across the UK. Cardo’s main customers are housing associations and local authorities who own and operate these social houses.

In May 2023, UK based PE group Buckthorn Partners, acquired LCB Group, later renamed Cardo, as a platform to lead a roll-up in the social housing maintenance sector. As of February 2026, 12 add-on acquisitions have been completed as part of this strategy to expand both its geographic coverage and service offering.

In 2025, Buckthorn decided to lead a secondary transaction through a Continuation Vehicle, to provide some liquidity to existing investors and management, and capital for further acquisitions. The transaction signed in December 2025 and closed in February 2026.

Penta invested into the Continuation Vehicle.