Global Makes Another Acquisition1 Mar, 2005
Global Makes Another Acquisition
Global Imaging Systems, Inc. announced that it has acquired W.I. McKendree Company, Inc., headquartered in Norfolk, Virginia, with additional locations inRichmond, Roanoke and Lynchburg. McKendree sells and services Savin copiers and facsimile machines, Riso duplicators and Hasler mailing equipment. Annual revenues are approximately $13.5 million.
Global Imaging Chairman and CEO Tom Johnson said, "With the McKendree acquisition we continue to improve our coverage within an important core market. The acquired business will operate as a satellite of Electronic Systems, Inc., one of our largest core companies and the Hampton Roads region's largest full-service systems integrator providing total office technology solutions."
He said, "We are pleased to have the owners, John and Billy McKendree, stay on through a 90-day transition and integration period before their planned retirement."
Electronic Systems President Dan Cooper said, "We are extremely pleased to have the employees and customers of McKendree join our ESI family. Our businesses overlap in each of the Virginia markets. Together, we will be the premier office solutions technology provider in the markets we serve."
W.I. McKendree Company President John McKendree said, "We are happy to partner with ESI and Global and to turn over the stewardship of our company to them. This is a positive development for our employees, customers and vendors."
Mr. Johnson added, "This acquisition puts Global well ahead of our external growth target to date. Previously, we said we anticipated acquiring, on average, $60 to $100 million in annualized revenues each year for the three-year period ending March 2006. So far this fiscal year, we have acquired in excess of $160 million in revenues. This acquisition is part of our disciplined, on-going effort to fill out our dealer network in the top 250 markets in North America."
Global also announced that Mitchell "Mitch" Cohen, 44, has been promoted to president of Carr Business Systems, a Global core company serving the New York metropolitan area from its base in Melville, NY. He replaces Paul Schulman who was recently promoted to the parent company staff as senior vice president - business development.
Tom Johnson said, "Mitch Cohen has been on a career path aimed at this promotion. With more than 19 years of experience in office technology management including 11 years at Carr, he is highly qualified to take on the broader responsibilities of the core company presidency."
Mr. Schulman, former owner of Carr, said, "Mitch Cohen has been a key member of the Carr management team during a period when revenues more than quadrupled. We are fortunate to have someone with Mitch's experience and leadership skills to take the helm at Carr."
Mr. Cohen began his career with Ricoh Corporation in 1986 and held various sales positions, including sales manager in the New York City branch. He joined Carr in 1993 as sales manager, and was subsequently promoted to general sales manager and then to vice president of sales. He became a "Global Leader" in 1999, completed the Global Leadership Institute's management development program in 2002 and was named one of "Global's Greatest" in 2004.
He earned a B.A. degree from the University of Miami and did graduate studies at New York University. He and his team at Carr actively support the American Cancer Society, Association for Retarded Children and St. Mary's Hospital.