Oval Partners, a San Francisco based multi-family office private equity firm, has announced a new partnership with Flo-Tech, a national provider of managed print services, who has been recognized on numerous occasions for their innovations in the delivery of national managed print solutions.
Flo-Tech, founded in 1992, is headquartered in Middletown, Connecticut. Flo-Tech is a pioneer in Managed Print Services with over 25 years of delivering enterprise solutions to customers nationally, according to an Oval Partners press release. The dealership is reportedly experts at printing, imaging and document driven processes, from predictive service and fleet management to policy based security, mobile printing and document management. Flo-Tech also reportedly helps enterprise clients achieve company-wide efficiencies and performance improvements across their printing and imaging fleets and related business processes.
“We are excited by the growth opportunities that are in front of us by joining forces with Oval Partners and FlexPrint LLC,” states Leo Bonetti, Chief Executive Officer and founder of Flo-Tech. “We’ve been familiar with Frank Gaspari, Tom Callinan, and the FlexPrint operations for quite some time, and their industry prowess were strong motivating drivers of our interests. Our complementary business philosophies, solutions offering, industry expertise, and national footprints will significantly enhance our customer’s experiences and provide increased opportunities for all of our team members.”
“The addition of Flo-Tech to the FlexPrint LLC portfolio of companies is a major development in our space and significantly enhances our offerings to our national customer base”, states Frank Gaspari, CEO of FlexPrint LLC. “Leo and his entire team are highly respected in the managed print services space and we are excited to combine our strong cultures of collaboration, with leading customer-centric workforces, to elevate the value we provide to our clients. With this acquisition, FlexPrint LLC now has revenues of over $200M with a diverse pipeline of new partner candidates for 2018.”
When I heard that Oval Partners and FlexPrint were planning on announcing another big acquisition this week, I had a sneaky suspicion that Flo-Tech, a sizable Canon dealer in the $30+ million range, was the next acquisition. It’s unlikely the company’s product mix will change as the result of this acquisition. And once again we see another example of the power of private equity money.
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