Centric Business Systems has acquired Webster Integrated Technologies (WIT) of Richmond, Virginia. The deal essentially combines a managed print services (MPS) provider with an office equipment dealer. Financial terms were not disclosed.
The combined companies now service over 40,000 devices from its seven locations throughout the mid-Atlantic region.
Centric, which launched nearly 30 years ago, also carries multi-function hardware and wide-format printers. The company is the only locally owned document management company serving the entire mid-Atlantic region, Centric claims.
WIT, meanwhile, has served the Richmond, Virginia marketplace for nearly 28 years. The company carries a full-line of Ricoh/Lanier document systems as well as document management solutions and services.
Executives Describe the Deal
Rick Bastinelli, president of Centric Business Systems, said in a prepared statement:
“The acquisition of WIT Corp is strategic and consistent with our growth strategy. They are the perfect compliment to Centric’s existing product line, culture and service model, while also providing the opportunity for us to expand our regional footprint farther into the state of Virginia,” said Rick Bastinelli, President of Centric Business Systems.
Added Gayle Webster, president of Webster Integrated Technologies:
“We are excited to be a part of the Centric team. By combining the resources, experience and industry knowledge of our teams, we can offer enhanced resources to better serve our clients as a single-source office equipment, software and document solutions provider.”
Centric has M&A experience. The company in 2015 acquired Corrigan Manning Co., an office technology dealer in southeastern Pennsylvania. At the time, the deal scaled Centric's business to more than 200 employees and $50 million in revenues. ChannelE2E was unable to find more recent financial figures for the company.
Office Equipment Dealers: Mergers and Acquisitions
M&A activity involving office equipment dealers has been healthy. Example deals we've tracked over the past 12 to 18 months or so include:
- In April 2018, private equity firm Sentinel Capital Partners acquired UBEO Business Services, a provider of printer, copier, and related office equipment.
- Sharp bought a number of assets from Arista Business Imaging Solutions.
- QRX Technology Group acquired Kerr Norton at the end of 2016.
- Loffler Companies bought out Copier Business Solutions in late 2016.
- Global Imaging Systems (GIS) has made a string of acquisitions in the sector.