Management teams for the remanufacturers will still have control of their companies but this acquisition means that they will have continuous resources to improve marketing.
There will be no changes in staff and the two will be “fairly independent,” according to Clover EU Managing Director Mark Perry. He added: “We are now running through a new investment cycle.”
This will help Golden Gate to move into the aftermarket imaging supplies sector, which the company says will “pave the way for Golden Gate to develop a comprehensive, multi-channel platform positioned for rapid growth”.
Clover Holdings CEO Jim Cerkleski believes the partnership will open up new opportunities for global growth. He said: “We will continue to expand our collections programmes and remanufacturing infrastructure as we diversify into new and emerging markets while driving our ‘recapture, remanufacture, remarket’ strategy. This will also allow us to accelerate the organic growth and acquisition strategy of Image1 to be the number one parts provider globally.”
Tom Day, CEO of West Point Products, added: “This partnership will help us enhance our product and services o?ering to further penetrate the mid-market. The focus will remain on providing best-in-class support to customers while ensuring the highest levels of service in the industry.
Both companies will continue to operate independently in their respective markets but will work together to leverage potential synergies in the future. Existing management of both organizations will remain in place to support these new growth strategies and senior management of each company will remain large shareholders.”
Golden Gate Managing Director Jake Mizrahi said: “We enthusiastically welcome Clover and West Point as a part of the broader Golden Gate portfolio and look forward to working with both organizations to continue to help accelerate their growth strategies.”
Clover Technologies is provides vertically integrated, closed-loop environmental solutions, it also the recycles and remanufactures imaging supplies. Founded in 1996 and with annual revenue of over $450 million, Clover is also the world’s largest collector and recycler of empty ink and toner cartridges in the aftermarket imaging supplies industry.
West Point Products has been a leading manufacturer of premium replacement imaging supplies since 1972. Its products and services include Axess MPS, a suite of MPS products and services, and AgriTone™ Premium Replacement Cartridges, remanufactured cartridges with high levels of Bio-content.
Golden Gate is a San Francisco-based private equity investment ?rm with approximately $8.0 billion of capital under management.