Private equity firm Oval Partners has made an investment in Cannon IV, an independent managed print services (MPS) provider in the mid-west US.
Cannon IV integrates products and systems to improve document workflow and increase operating efficiencies and offers managed print services programmes nationally to all end-user markets – commercial and public sectors.
The company is headquartered in Indianapolis with direct sales in Indiana, Ohio and Texas.
FlexPrint and Oval Partners joined forces to accelerate the company’s national growth strategy by creating a model acquisition platform based on FlexPrint’s business model for national managed print services. With the recent acquisitions of Laser Options, ProCopy Office Solutions, and now Cannon IV, this managed print platform is further poised to gain national market share in a fragmented industry.
“We are extremely excited about Cannon IV’s future growth opportunities with this investment from Oval Partners and FlexPrint,” says Jerry Jones, president and CEO of Cannon IV. “Our business cultures are very similar, and we look forward to synergising our efforts to further enhance our customers’ experiences on a grander scale.”
“Cannon IV’s sterling reputation and long-term customer relationships were a very attractive combination, and consistent with FlexPrint’s core business. Their values and long-lasting reputation for taking care of their employees and customers for the past 40 years is simply remarkable. They have built a legacy that we want to be associated with, and aligns perfectly with FlexPrint’s national growth strategy,” says Frank Gaspari, CEO of FlexPrint. “We look forward to this new partnership with Cannon IV and the Jones’ family, as we continue to build upon the nation’s largest and strongest privately held managed print services organisation.”
Jerry, Jim, Jeff, John and Jonathan Jones will remain in their current leadership roles at Cannon IV and will be new equity partners in FlexPrint.
This latest acquisition brings FlexPrint revenues over USD100 million, along with a strong pipeline of new potential partners that will increase FlexPrint’s national managed print platform in 2017.
With these new additions, FlexPrint is positioned to make further investments to improve customer service and provide a growing number of service extensions as a result of the scale they now have as the largest independent MPS provider nationwide.
