Key Principal Partners, a USD1bn private investment firm, has sold its shares in Clover Technologies Group, which recycles and remanufactures laser toner and inkjet cartridges.
Clover sells its products under its own brand names as well as under the private label brands of several large retail and business-to-business office product dealer customers.
Key Principal Partners led a USD26m minority common equity investment in Clover that was initiated in June 2006. During its investment period, Clover doubled in size to annual revenues of over USD400m.
The company was sold to a group comprised of Golden Gate Capital and management.
