Clover Technologies Group has been sold to Key Principal Partners
Clover Technologies Group (Clover), a leading designer, manufacturer and distributor of compatible consumable imaging supplies, announced that it has successfully closed on $26.0 million in new common equity securities as of June 30, 2006. The investment was provided by Key Principal Partners (KPP), a leading private investment firm specializing in mezzanine and equity investments in growth capital, expansion financing, recapitalizations, and buyouts of middle market companies. Proceeds from the investment were used to acquire a significant minority equity interest in Clover. KPP has partnered with Clover’s existing management team to support the successful execution of the Company’s aggressive growth strategy.
Lincoln International acted as exclusive financial advisor to Clover Technologies Group and arranged the private placement of the $26.0 million in common equity securities.
Jim Cerkleski, Chief Executive Officer of Clover Technologies Group stated: “We are pleased to have found a compatible equity partner to support Clover’s continued growth strategy. Our goals and interests aligned perfectly with those of Key Principal Partners, forming a solid foundation for an excellent long-term partnership. We were attracted to Key by the firm’s core business strategy of making non-control investments in support of entrepreneurial management teams, and we are excited at the opportunity to work collaboratively with them to expand the business.”
About Clover Technologies Group
Clover Technologies Group is a leading designer, manufacturer and distributor of compatible consumable imaging supplies including laser toner cartridges, inkjet cartridges, laser fax cartridges, copier toner cartridges, printer ribbons, thermal transfer fax ribbons and other consumable imaging supplies. The Company’s compatible products are sold to national office and computer supply wholesalers and distributors; contract stationers; food, drug and mass market retailers; and independent office and computer supply dealers. Clover distributes products under customers’ private label brands as well as its own Image Excellence®, Dataproducts® and InkStation® brand names. In addition to manufacturing compatible products, Clover distributes OEM-branded imaging supplies and related products to office and computer supply dealers and resellers nationwide. Clover Technologies Group is headquartered in Ottawa, IL, and has manufacturing facilities in Illinois, Kentucky, Mexico and Portugal. Additionally, Clover recently established a joint venture with a manufacturing partner in Vietnam.
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