National managed print services provider Flex Technology Group (FTG), backed by private equity firm Oval Partners, has acquired Ohio-based Millennium Business Systems (MBS). Terms of the deal were not disclosed.
Founded in Cincinnati in 2000, MBS operates in the Greater Cincinnati, Northern Kentucky, Dayton Ohio, and Southeast Indiana areas. The firm services copiers, printers, multi-functional technology, and document management hardware and software. MBS had over 50 employees at the time of the acquisition, FTG confirmed with ChannelE2E.
Frank Gaspari, CEO of Flex Technology Group, commented on the acquisition:
“The Flex Technology Group is excited to welcome Millennium Business Systems to our growing family. MBS strengthens our presence in the Midwest as we continue to execute on our national growth strategy. Over the last 19 years, David and his team have built a highly respected company with a great culture and loyal customers. This partnership further fuels our goals of adding quality companies to our platform while becoming the largest office technology provider in the nation.”
David Bartlow, president of Millennium Business Systems, also commented:
“This partnership with Flex Technology Group is exciting for our employees, our customers, and the communities that we serve. The FTG platform will continue to let us operate at a local level, allow us to further expand our reach, add additional value & solution offerings to our customers and enhance our employees’ work environment by becoming a part of a larger, national office technology company.”
MBS’ executive team will remain in their leadership roles while Bartlow will become an equity holder in Flex LLC.
Flex Technology Group Growth
Since 2016, FTG has expanded rapidly. The company’s most recent deal was the acquisition of Southern California-based office technology provider CBE Office Solutions.
FTG was founded by Frank Gaspari in Mesa, Arizona in 2005. In 2015, founder Frank Gaspari joined with Oval Partners to build out a national group of print dealers that would serve enterprises and major accounts around the United States.
FTG’s portfolio now includes 15 office technology partnerships generating over $325 million in annual revenue, according to the company. FTG has more than 1,000 employees across the country and the company has confirmed to ChannelE2E that it plans to further growth via acquisitions and organic growth.