American TonerServ Acquires Tonertype, LLC29 Jan, 2008
American TonerServ Acquires Tonertype, LLC
American TonerServ Corporation (ATS)., a strategic consolidator in the highly fragmented printer supplies and services industry, announced that ATS purchased all of the assets of Tonertype of Florida, LLC (Tonertype) relating to all of its product and service offerings for approximately $4.0 million.
The consideration paid included $1.5 million in cash and approximately $2.5 million in promissory notes. Tonertype has been engaged in the business of print management, printing supplies and repair service since 1995. According to unaudited financial statements provided by Tonertype, Tonertype had approximately $5.6 million in revenue during 2007. In accordance with the terms of the acquisition, ATS is employing the current Tonertype management team and continuing to service Tonertype's customers.
"Acquiring companies in the compatible toner cartridge market has been one of our stated goals and the acquisition of Tonertype further supports our mission," stated Dan Brinker, CEO of ATS. "The acquisition of Tonertype enables ATS to expand this segment of our business, due largely to opportunities for consolidation and achieving greater efficiencies in the market," added Mr. Brinker. David Shaver, founder of Tonertype, stated, "We are excited about joining the ATS team and look forward to reaching new levels of productivity as they execute their industry consolidation strategy." Buddy Shaver, co-owner of Tonertype, stated, "We will continue to provide the exceptional quality and superior service our clients have come to know."