Private Equity-Backed Flex Technology Group Acquires Ultrex Business Solutions
Flex Technology Group, with the backing of private equity firm Oval Partners, has completed its first acquisition of 2020. The company announced the buyout of Ultrex Business Solutions for an undisclosed sum.
This is M&A deal Number 109 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
Ultrex has operated for more than three decades, providing managed print, IT services, and information management to SMBs in various industries. The company has numerous offices in California, including Bakersfield, San Luis Obispo, Santa Barbara, and Ventura.
Ultrex Business Solutions will roll under Caltronics Business Systems but will continue to operate independently leveraging the resources of the combined group, the company said.
Flex Technology Group Acquires Ultrex: Executive Perspectives
Rolf Berkefeld, president of Ultrex Business Solutions, commented:
“We are very excited to join the Flex Technology Group and work closely with Caltronics Business Systems. We believe that joining FTG brings a level of technology and resources for us to offer more to our employees and clients.”
Frank Gaspari, CEO of FlexPrint LLC, commented:
“We are pleased to announce that Ultrex Business Solutions is now part of the Flex Technology Group family of companies as we continue to aggressively expand our market share. Rolf Berkefeld has developed a great team at Ultrex and we’re enthusiastic for the opportunity to build upon their already successful business model.”
Berkefeld will retire following the transition, but the remainder of the Ultrex executive team will stay in their leadership roles, the company said.
Flex Technology’s Growth
Flex Technology has been pursuing a rigorous growth plan, announcing a number of acquisitions last year as well as expanding into new offices and territories.
The company now has a combined revenue of $325 million and more than 1,000 employees across the United States.
FTG in 2005 began operating as FlexPrint LLC based in Mesa, Arizona. In 2015, founder Frank Gaspari joined with Oval to build out a national group of print dealers to serve enterprises and major accounts around the United States.