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Oval Partners Makes Strategic Investment in Cannon IV, Inc.

Friday, February 03, 2017

Press release from the issuing company

FlexPrint’s Growth Strategy and Platform of National Managed Print Services Further Advances with Strategic Acquisition

Phoenix, Ariz. – Oval Partners, a private equity firm based in San Francisco, announced today the investment in Cannon IV, Inc.  Cannon IV is a leading independent Managed Print Services (MPS) provider in the mid-west.  Cannon IV integrates best-in-class products and systems to improve document workflow and increase operating efficiencies.  Cannon IV offers managed print services programs 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 award winning 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”, said Jerry Jones, President and CEO of Cannon IV.  “Our business cultures are very similar, and we look forward to synergizing 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,” states Frank Gaspari, CEO of FlexPrint LLC. “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 organization.”

Jerry, Jim, Jeff, John and Jonathan Jones will remain in their current leadership roles to preserve Cannon IV’s successful 40 year history, and will be new equity partners in FlexPrint LLC.

This latest acquisition brings FlexPrint LLC revenues over $100,000,000, along with a strong pipeline of new potential partners that will significantly 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.  FlexPrint’s national platform will only enhance the services and solutions for all partners under the FlexPrint umbrella.

 

 

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