National office technology solutions provider Flex Technology Group (FTG), backed by private equity firm Oval Partners, has acquired CBE Office Solutions, an office technology provider from Southern California. Financial terms were not disclosed.
CBE Offices Solutions partners with Sharp, Canon, Ricoh, HP, and FP Mailing Solutions. The company began in 1993 in Irvine, California. Founded by Tarek Hafiz, CBE now services Orange, Los Angeles, San Bernadino, and Riverside counties. The company has branches in Torrance, City of Industry, Valencia, and Ontario.
CBE provides document management, managed print services, and managed network services, including 24/7 network support, software, and data security solutions.
Flex Technology Group is an office technology solutions provider for national and regional companies. Flex focuses on print, document management, and managed IT solutions. It also represents products by Canon, Ricoh, Konica Minolta, HP, Lexmark, and others. The company serves over 60,000 customers nationally.
Flex Technology Acquires CBE: Executive Perspectives
Frank Gaspari, CEO of Flex Technology Group commented on the CBE deal:
“We’re excited to welcome CBE Office Solutions to the Flex Technology Group as we execute on our strategy of a national footprint and aggressive market share expansion. Over the last 26 years, Tarek and his team have built an impressive company with amazing organic growth and a great corporate culture. CBE and their 175 employees will operate as a core company within FTG. This partnership further fuels our momentum towards becoming the largest office technology provider in the nation.”
Tarek Hafiz, president of CBE Office Solutions, also commented:
“This partnership with Flex Technology Group is significant for us because it allows CBE to expand our services, accelerate our growth initiatives, and provides exciting career opportunities for our talented employees. Being part of the FTG platform, we can now leverage the many resources of a national office technology company to aggressively grow our business and improve our clients experience with CBE.”
Flex Technology Group (FTG): Company History
FTG began in Mesa, Arizona in 2005. Founded by Frank Gaspari, the company was originally known as FlexPrint LLC. In 2015, Gaspari leveraged FlexPoint as the platform company for FTG, joining with Oval Partners to build out a national group of print dealers to serve enterprises and major accounts throughout the United States, according to the company’s website.
FTG has expanded rapidly since 2016. The company says its portfolio now includes 15 office technology partner dealerships generating over $325 million in annual revenue. FTG has more than 1,000 employees across the country.
CBE’s executive team will remain in their leadership roles while Hafiz will become an equity holder in FlexPrint, the company said in a prepared statement.