The Recycler
  • Static Control June 2022 Masthead Ad
  • ECS Web ad March 2022
  • Biuromax Web banner June 2022
  • Ninestar June 2022 Masthead Banner
  • Katun March Web Advert 2021

CIG acquisition completed

CIG acquisition completed

December 17, 2019

Norwest Equity Partners and Clover Imaging Group’s executive leadership team complete acquisition of Clover Imaging Group.

Norwest Equity Partners (NEP) and the Clover Imaging Group executive leadership team have partnered together to acquire Clover Imaging Group (CIG) from 4L Holdings (which operates as the Clover Technologies Group).

The transaction closed on 16 December 2019. Financial terms of the transaction were not disclosed.

As a result of the transaction, Clover Imaging Group will operate as its own independent standalone entity and will no longer be affiliated with 4L Holdings, the Clover Technologies Group or Clover Wireless.

Jim Cerkleski, Chairman of Clover Imaging Group, stated: “Our executive leadership team, in partnership with NEP, has an unwavering commitment to the success of the business. We also share confidence in the aftermarket imaging supplies industry and consumers’ demand for environmentally conscious products like ours. We are well-positioned to write the next chapter for Clover Imaging and could not be more excited about the growth opportunities this new capital and partnership will provide.”

Founded in 1996, Clover Imaging’s business spans 43 countries, with manufacturing, distribution, collections and sales locations across North America, South America, Asia and Europe. Clover Imaging is headquartered in Chicago and employs approximately 5,000 people across the globe.

NEP has been investing in growing, profitable, and scalable middle market companies since 1961 and has deep experience working with industry-leading business services companies. Tim DeVries, NEP Managing Partner, stated: “Clover Imaging is a great fit for our portfolio. It is a well-run business with a highly experienced, nimble management team that knows how to innovate and execute. We look forward to collaborating with them to leverage Clover Imaging’s already strong position and global footprint in the marketplace and put our capital and resources to work to further expand and grow the business.”

“Clover Imaging is the world’s largest cartridge remanufacturer. The business creates value for all constituents with its environmentally-conscious recycled offerings and broad collection and distribution channels,” Sundip Murthy, NEP Partner, added.

“I know that NEP is the right partner for us – we fit together culturally. All of the work we’ve done to date has helped position us for continued success with NEP by our side,” shared George Milton, CEO of Clover Imaging Group.

Lincoln International and Kirkland & Ellis LLP advised Clover Imaging on the transaction, Skadden, Arps, Slate, Meagher & Flom LLP was legal advisor to NEP and PNC Bank, National Association and TCW Asset Management Company LLC provided debt financing to the acquirer.

Categories : City News

Tags : Acquisition Business CIG Investment

  • GM Technology June 2022 Web ad
  • Apex UStation web banner
  • Static Control June 2022 Big & Bold Ad
  • Aster Big & Bold Web ad May 2022
  • GPI Web ad June 2022
  • IR Italiana Web ad January 2021
  • Mito Big & Bold Web ad May 2022
  • CET June 2022 Web ad
  • HYB Web banner
  • PCL Web ad January 2021
  • CTS New Ad March 2022
  • ITP Web ad January 2021
  • Zhono web ad May 2022
  • Zhono web ad May 2022
  • ITP Web ad January 2021
  • CTS New Ad March 2022
  • PCL Web ad January 2021
  • CET June 2022 Web ad
  • HYB Web banner
  • PCL Web ad January 2021
  • CTS New Ad March 2022
  • Zhono web ad May 2022
  • HYB Web banner
  • ITP Web ad January 2021
  • CET June 2022 Web ad

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2021 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark

The Recycler Subscribe Web ad January 2021
The Recycler Subscribe Web ad January 2021