Norwest Equity Partners expands its business services portfolio with the acquisition of the Clover Imaging Group

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MINNEAPOLIS – (BUSINESS WIRE) – Norwest Equity Partners (“NEP”) and the executive team of the Clover Imaging Group have partnered to create the Clover Imaging Group (“Clover Imaging” or the “Company”) of 4L Holdings (operating as the Clover Technologies Group) acquire. . Clover Imaging is a world leader in manufacturing high quality, affordable remanufactured printer cartridges that help companies lower their printing costs while reducing their environmental impact. The transaction closed on December 16, 2019. Financial terms of the transaction were not disclosed. As a result of the transaction, the Clover Imaging Group will operate as a separate, independent entity and will no longer be affiliated with 4L Holdings, the Clover Technologies Group or Clover Wireless.

Jim Cerkleski, Chairman of the Clover Imaging Group, said, “Our Executive Leadership Team is unwaveringly committed to the success of the company in partnership with NEP. We also share trust in the aftermarket imaging supply industry and consumer demand for environmentally conscious products like ours. We are well positioned to write the next chapter for Clover Imaging and we look forward to the growth opportunities this new capital and partnership will bring. ”

Founded in 1996, Clover Imaging spans 43 countries with manufacturing, distribution, collection and sales locations in North America, South America, Asia and Europe. Clover Imaging provides companies with intelligent environmental solutions that focus on the recovery, remanufacturing, and remarketing of technology assets. Clover Imaging collects, recycles and remanufactures millions of cartridges every month. Compared to disposable cartridges, Clover Imaging cartridges have been shown to have 50 percent less environmental impact.

NEP has been investing in growing, profitable and scalable medium-sized companies since 1961 and has extensive experience working with industry-leading corporate service companies. Tim DeVries, NEP Managing Partner, said, “Clover Imaging is a great fit for our portfolio. It’s a well-run company with a very experienced, agile management team that knows how to innovate and execute. We look forward to working with them to capitalize on Clover Imaging’s already strong position and global presence in the marketplace and to use our capital and resources to grow and grow the business. ”

“Clover Imaging is the world’s largest manufacturer of cartridges. With its environmentally conscious recycling offer and its broad collection and distribution channels, the company creates added value for all components, ”added Sundip Murthy, NEP partner.

“I know that NEP is the right partner for us – we fit together culturally. All of the work we’ve done has helped us continue to be successful with NEP by our side, ”said George Milton, CEO of Clover Imaging Group.

Lincoln International and Kirkland & Ellis LLP advised Clover Imaging on the transaction; Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to NEP; and PNC Bank, National Association and TCW Asset Management Company LLC provided debt financing to the acquirer.

Clover Imaging is headquartered in Chicago and employs approximately 5,000 people worldwide. You can find more information on www.cloverimaging.com and www.nep.com.


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