August 23, 2016
The company was reported to have been “exploring a sale”, with Jim Cerkleski stating that this had been “misconstrued”.
OPI (subscription required) reported on its discussion with CEO of Clover Holdings, Jim Cerkleski, and “reports that the company’s private equity owners” wanted to sell their share of the company, as reported by The Recycler last week. Reuters had broken the story that Clover Technologies was “exploring a sale”, and Cerkleski told OPI that this had been “misconstrued”, and that Clover was “evaluating additional investment partners”.
OPI said that the CEO had confirmed that he had been “talking to capital partners” and was looking for “financial resources to fund growth, investments and acquisitions” as the company frequently does. Commenting, Cerkleski said: “I don’t want to speculate on the source of the original story but want to make sure customers, vendors and staff are clear on Clover’s commitment to growth, continued innovation and the expansion of our global platform, and that this growth will be driven by myself and the existing management team in conjunction with existing and potential new investment partners.”
The interview took place as Cerkleski was on his way back from Mexicali, Clover’s Mexican factory which has just been expanded with “the addition of a new building”. The CEO also “confirmed the commitments to the former MSE facility in Van Nuys, California”, where Clover have renewed the lease for another three years.
Clover have recently invested in a project in Vietnam, and the story appeared at the same time as a rumour about the supplier Katun being bought by Print-Rite which saw Katun and Print-Rite issue statements saying that this was “categorically false”.
Categories : World Focus