Golden Gate Capital Acquires West Point Products & Clover Technologies14 Apr, 2010
Golden Gate Capital Acquires West Point Products & Clover Technologies
San Francisco, CA (April 2010) – Golden Gate Capital, a San Francisco-based private equity ﬁrm, 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 oﬃce 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 oﬀering 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 ﬁrm 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 ﬁrm targets investments where there is a demonstrable opportunity to signiﬁcantly 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-oﬀs, build-ups and venture stage investing. For additional information, visit 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 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 certiﬁcations. 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 www.westpointproducts.com