Oval Partners, a San Francisco based multi-family office private equity firm, has announced a new partnership with Caltronics Business Systems, an independent office technology dealer with 12 offices throughout Northern California and Arizona.
Headquartered in Sacramento, California, Caltronics has been providing office technology to a diverse client base for over 40 years. They are consistently ranked among Konica’s top dealers in the U.S.
“We are very excited to join forces with Oval Partners and FlexPrint, LLC in our next phase of growth,” said Dan Reilly, CEO of Caltronics. “We see a significant opportunity to expand our market share and enhance our service offerings through our partnership with FlexPrint, LLC, providing more opportunities for our employees and more choices for our customers. Oval’s unique ability to partner with founders and entrepreneurs is quite evident as they collaborate with Frank Gaspari and team to capitalize on a very attractive market opportunity that exists today in our industry.”
“This investment marks an important milestone for FlexPrint LLC,” states Frank Gaspari, CEO of FlexPrint LLC. “We are pursuing and executing on an aggressive expansion plan and the addition of Caltronics to our portfolio of partner companies speak volumes to how unique and dynamic this initiative is.”
Dan Reilly, who will be an equity holder in FlexPrint, LLC, as well as the entire Caltronics executive team will remain in their current leadership roles to preserve Caltronics successful 40-year history of serving their customers.
Look out now, with the backing of Oval Partners, FlexPrint LLC is growing like mad and is on a pace to become one of the biggest dealers in the U.S. joining the ranks of Dex, Marco, and POA. From what we understand, this acquisition now makes FlexPrint a $200 million dealership. Not bad for a company whose foundation was built on MPS. Never underestimate the impact of private equity money, and with the acquisition of Caltronics, a significant sized dealership, the dealership’s revenues are reportedly in the $60 million range, indicating that the bigger they are, the more attractive dealerships like these are to big spenders like Oval Partners. We understand that Oval Partners isn’t done flexing its financial muscle for 2017 and another big deal is rumored to be announced before the end of the year.
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