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Tree Line Capital Supports FlexPrint Acquisition of Caltronics & Flo-Tech

January 16, 2018, 07:00 AM
Filed Under: Printing

Tree Line Capital Partners, a direct lender focused on the lower middle market, provided a unitranche first lien credit facility and equity co-investment to support the acquisition of Caltronics and Flo-Tech by FlexPrint LLC, a portfolio company of Oval Partners, a San Francisco-based multi-family office private equity firm. This represents the fifth financing completed for FlexPrint and Oval by Tree Line since December 2015. Opus Bank and City National Bank also provided financing for the transaction.

FlexPrint, based in Mesa, AZ, was founded in 2005 and has become the nation’s leading privately owned enterprise for Managed Print and Technology Services. FlexPrint’s managed solutions streamline business workflows for corporate, regional, and remote locations under a single national service agreement. Caltronics is an independent office technology dealer with 12 locations throughout Northern California and Arizona. Since 1975, Caltronics has been providing leading edge technology and award-winning service in the document management and software solutions industry. Flo-Tech is a pioneer in Managed Print Services with over 25 years of delivering enterprise solutions to customers nationally. These acquisitions are highly complementary to the FlexPrint platform and provide substantial opportunities for growth in new markets and service offerings.  Since 2015, FlexPrint’s revenues have quadrupled to over $200M driven by acquisitions and organic growth.

“We appreciate Tree Line’s continued support in growing the FlexPrint platform,” said Oval Partners Managing Director and Co-Founder Jake Mizrahi.  “Tree Line has reliably delivered acquisition financing in processes we can trust to be managed efficiently with high certainty to close.”

Frank Cupido, Partner of Tree Line added, “We’re excited to continue to expand our relationship with Oval and FlexPrint. Oval has a unique ability to work with founders given their evergreen structure which facilitates long-term, flexible partnerships.  These financings highlight Tree Line’s ability to provide scalable debt structures that drive growth.”

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