CLOVER TECH AND WEST POINT TAKE THE MONEY AND RUN……

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CLOVER TECH AND WEST POINT TAKE THE MONEY AND RUN……

 user 2010-04-19 at 11:16:18 am Views: 111
  • #24150

    http://www.opi.net/e_news/april_2010_news/clover__and__west_point_acquired_by_pe_firm?SQ_ACTION=login&
    CLOVER TECH AND WEST POINT TAKE THE
    MONEY AND RUN……

    WHY
    DID CLOVER & WEST POINT SELL A MAJOR STAKE OF THEIR BUSINESS TO A
    PRIVATE EQUITY FIRM ?

    April 2010 – San
    Francisco (CA), USA Private equity firm Golden Gate Capital has acquired
    a majority stake in aftermarket imaging supplies companies Clover
    Technologies and West Point Products.The deal brings together two of the
    leading North American aftermarket firms in the same portfolio.

    Golden
    Gate said that both companies will continue to operate independently in
    their respective markets, but will work together to leverage potential
    synergies in the future.Existing management of both organisations will
    remain in place to support new growth strategies and senior management
    of each company will remain large shareholders.

    Jim Cerkleski,
    CEO of Clover Holdings, commented on the acquisition: “We are excited
    about partnering with Golden Gate because it opens up new opportunities
    for global expansion both organically and through acquisitions. We will
    continue to expand our collections programmes and remanufacturing
    infrastructure as we diversify into new and emerging markets while
    driving our ‘recapture, remanufacture, remarket’ strategy. This will
    also allow us to accelerate the organic growth and acquisition strategy
    of Image1 to be the number one parts provider globally.”

    Clover
    has annual sales of around $450 million and sells mainly through the
    wholesale, distribution, national office products and retail channels.

    West
    Point Products is smaller, with revenues in the region of $65 million,
    and is stronger in the mid-market. It also has its own managed print
    services offering (Axess MPS), that Clover may tap into.“This
    acquisition enables us to continue to grow organically and seek out new
    acquisition opportunities, “ said West Point CEO Tom Day.“This
    partnership will help us enhance our product and services offering to
    further penetrate the mid-market.”

    http://www.imagesourcemag.com/magnew/News_Story.asp?id=9135&type=news
    Golden Gate Capital Acquires West
    Point Products & Clover Technologies

    San
    Francisco, CA (April 2010) – Golden Gate Capital, a San Francisco-based
    private equity ?rm, announced today the acquisitions of Clover
    Technologies Group and West Point Products. These acquisitions advance
    Golden Gate’s strategy to develop an aftermarket imaging supplies
    portfolio. By starting their portfolio with the acquisition of two
    industry leaders, it paves the way for Golden Gate to develop a
    comprehensive, multi-channel platform positioned for rapid growth.

    Clover
    Technologies Group is the global leader in providing vertically
    integrated, closed-loop environmental solutions, including therecycling
    and remanufacturing of imaging supplies. Founded in 1996 and with annual
    revenue of more than $450 million, Clover specializes in selling
    through the wholesale, distribution, national o?ce products and retail
    channels.

    Jim Cerkleski, CEO of Clover Holdings, commented on the
    acquisition, “We are excited about partnering with Golden Gate because
    it opens up new opportunities for global expansion both organically and
    through acquisitions. We will continue to expand our collections
    programs and remanufacturing infrastructure as we diversify into new and
    emerging markets while driving our ‘recapture, remanufacture, remarket’
    strategy. This will also allow us to accelerate the organic growth and
    acquisition strategy of Image1 to be the number one parts provider
    globally.”

    West Point Products is the leading imaging supplies
    remanufacturer servicing the mid-market, focused on supporting dealers
    targeting the SMB market. Founded in 1972 and with annual revenue of
    more than $65 million, West Point Products provides best-in-class
    managed print services (Axess MPS) to complement their product and
    services portfolio.

    Tom Day, CEO of West Point Products, said:
    “This acquisition enables us to continue to grow organically and seek
    out new acquisition opportunities. This partnership will help us enhance
    our product and services o?ering to further penetrate the mid-market.”

    Both
    companies will continue to operate independently in their respective
    markets but will work together to leverage potential synergies in the
    future. This partnership will provide greater coverage and focus on each
    market to ensure the best and highest quality product and support while
    maximizing distribution capabilities for greater product availability.
    The focus will remain on providing best-in-class support to customers
    while ensuring the highest levels of service in the industry. Existing
    management of both organizations will remain in place to support these
    new growth strategies and senior management of each company will remain
    large shareholders.

    Jake Mizrahi, Golden Gate Managing Director,
    said, “We enthusiastically welcome Clover and West Point as a part of
    the broader Golden Gate portfolio and look forward to working with both
    organizations to continue to help accelerate their growth strategies.
    These strong platforms position us perfectly to pursue additional
    opportunities in the imaging supplies and environmental space both in
    the United States and abroad.”

    About Golden Gate Capital
    Golden
    Gate Capital is a San Francisco-based private equity investment ?rm
    with approximately $8.0 billion of capital under management. Golden Gate
    is dedicated to partnering with world-class management teams to invest
    in change-intensive, growth businesses. The ?rm targets investments
    where there is a demonstrable opportunity to signi?cantly enhance a
    company’s value. The principals of Golden Gate have a long and
    successful history of investing with management partners across a wide
    range of industries and transaction types, including leveraged buyouts,
    recapitalizations, corporate divestitures and spin-o?s, build-ups and
    venture stage investing. For additional information, visit
    http://www.goldengatecap.com

    About Clover Technologies Group

    Clover
    Technologies Group is the global leader in providing vertically
    integrated, closed-loop environmental solutions, including the recycling
    and remanufacturing of imaging supplies. Founded in 1996 and with an
    annual revenue of over $450 million, Clover is one of the fastest
    growing, privately held companies in the United States. Clover is also
    the world’s largest collector and recycler of empty ink and toner
    cartridges in the aftermarket imaging supplies industry and provides
    comprehensive recycling services for small electronics including cell
    phones. The complete line of Clover’s quality imaging supplies is
    available through industry leading resellers and wholesalers and
    marketed under a variety of private label brands. To learn more, visit
    http://www.clovertech.com

    About West Point Products
    West Point
    Products has been a leading manufacturer of premium replacement imaging
    supplies since 1972, having built its business by adhering to its
    self-prescribed 5 Pillars of Success: Quality, Service, Selection,
    Integrity, and People. In support of this commitment to its customers,
    West Point Products has become one of only a handful of companies in the
    imaging industry to hold both ISO 9001 and STMC certi?cations. As
    further testament to West Point Products commitment to its customers, it
    continues to lead with innovative products and service offerings,
    including Axess MPS, a suite of MPS products and services, and AgriTone™
    Premium Replacement Cartridges, remanufactured cartridges with high
    levels of Bio-content. To learn more, visit http://www.westpointproducts.com