Applied Imaging Acquires Upstream Office Solutions
This is M&A deal 376 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Headquartered in Tampa Bay, Florida, Upstream is an authorized Toshiba dealer and sells and services printers from Kyocera and Epson.
Applied Imaging, founded in 1987, has over 450 employees across 14 locations throughout Michigan, Ohio and Florida. This latest deal will expand its presence in the Tampa Bay metro area, the buyer says.
In a joint statement to clients, Applied Imaging President John Lowery and Upstream’s President Mark Wild said, in part:
“We will proudly continue to serve customers in the Tampa operations area under Applied Imaging’s name and management team. This acquisition represents a combination of two entrepreneurial companies with strong cultures, both which are deeply rooted in innovation and delivering an exceptional customer experience.“
The State of Office Equipment Dealer M&A
Mike Dudek and Rich Wisniewski of Zygoquest Group served as the advisor to Upstream Office Solutions and its owners Mark and Jillian Wild on the sale.
M&A activity in the office equipment market has picked up in recent weeks after suffering a slump during the initial coronavirus pandemic wave. Zygoquest’s Mike Dudek explained to M&A slowdown to ChannelE2E in April 2020.
ChannelE2E has compiled a full list of transactions between office equipment company and channel partners, which you can find here.