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Gamut Capital Management to Acquire DEX Imaging from Staples, Inc.
NEW YORK – April 23, 2024 – Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, in partnership with the Doyle family, today announced they have signed a definitive agreement to acquire DEX Imaging (“DEX”), a premier provider of managed print services, from Staples, Inc. (“Staples”), a market-leading commercial supply distributor serving business customers.Founded by Dan Doyle Sr. and Dan Doyle Jr. in 2002, DEX has established itself as a leading player in the managed print services industry, offering comprehensive solutions including equipment, servicing, and supply management to a wide range of clients from small businesses to large enterprises. The company is well-known for its broad portfolio of products from leading manufacturers, industry-defining service, and a collaborative approach to streamlining document infrastructure that puts the customer first.
Staples acquired DEX in 2019 and grew the business organically and through M&A, in partnership with the Doyle family. Dan Doyle Jr., CEO of DEX, expressed his satisfaction with the partnership, stating, “Since Staples acquired DEX, their team has been a great partner, helping drive growth and positioning us for our next chapter. Our family is pleased to again take an ownership stake in the business we founded, and we look forward to working alongside the Gamut team to further strengthen our relationships with suppliers and enhance our service capabilities, ensuring DEX continues to set industry standards in customer satisfaction and technological innovation.”
Sam Powell, Partner at Gamut, emphasized the significance of partnering with the Doyle family: “We’re eager to partner with the Doyle family, a name that has represented excellence in the industry for nearly five decades. Together, we aim to build a national presence through strategic acquisitions and organic growth, leveraging the strong foundation laid by the Doyles. This partnership embodies our commitment to invest in and enhance businesses with solid market potential and proven leadership to enhance long-term value creation.”
In connection with the transaction, Sam Powell and Stan Parker, Founding Partner at Gamut, will join the DEX board of directors, supporting the company’s strategic direction and expansion efforts. Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions. Guggenheim Securities, LLC served as financial advisor to DEX Imaging.
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