Katun Corporation Announces Strategic Partnership With Leading Equity Investment Firms23 Jul, 2002
Katun Corporation Announces Strategic Partnership With Leading Equity Investment Firms
Katun Corporation, the world's leading alternate supplier of imaging supplies, photoreceptors and parts, announced today that it was acquired by a group of investors led by Bank of America Capital Investors (BACI), Chicago, Svoboda, Collins (SC), L.L.C., Chicago, and management.
Terms of the acquisition were not disclosed.
In 1999, the same investment team acquired Parts Now!, Madison, Wis., a leading independent distributor and remanufacturer of new and used printer parts. Following closure of the Katun acquisition, Katun and Parts Now! will be managed separately but affiliated under a single holding company.
Larry Stroup, president and CEO of Katun, will retain that position and also serve as president and CEO of the holding company. Dan Olszewski will remain president and CEO of Parts Now!.
"With the accelerating convergence of the copier and printer markets, it makes great sense to bring the world's leading business equipment service parts suppliers under one organization to leverage the marketing strength, geographic coverage and brand recognition of the two firms" said Matt Clary, managing director, Bank of America Capital Investors. "In Katun, we see a company that's delivered impressive results for more than two decades," added John Svoboda, managing director of Svoboda, Collins. "It is at a point in its history, however, where additional strategic resources will allow it to pursue even greater growth. We look forward to working with the Katun management team to achieve these goals."
Katun and Parts Now! reported nearly $430 million in combined revenues during their most recent fiscal years.
"The acquisition advances Katun's commitment to pursuing operational excellence," said Stroup. "It will strengthen Katun, provide access to additional capital and allow us to do more for our customers around the world.
"For those who have known Katun for years, we'll be the very much same company the day after the acquisition as we were the day before. We also are very excited about the expertise that our new partners BACI and SC will provide to us in our efforts to extend our leading worldwide market position."
"The relationship should benefit both the copier and the printer channel partners," said Olszewski. "We feel the product knowledge, geographic coverage and great service will only improve for all of our customers."