Tree Line Capital Partners, LLC, a direct lender focused on the lower middle market, provided a unitranche first lien credit facility to support the acquisition of Cannon IV, LLC by FlexPrint, Inc., a portfolio company of Oval Partners. This represents the fourth financing completed for FlexPrint and Oval by Tree Line since December 2015.
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 (MPS). FlexPrint’s managed solutions and expertise streamlines business workflow for corporate, regional, and remote locations under a single national service level agreement. Cannon IV, based in Indianapolis, IN, is a leading independent MPS provider and reseller of imaging and printing solutions. This latest acquisition brings FlexPrint’s revenues to over $100 million.
Oval Partners is a multi-family office investment firm designed to provide liquidity, growth, capital, and acquisition funding to founders of growing businesses across North America. Oval’s capital base is permanent – it is committed, unencumbered, and unconstrained in terms of holding period. Oval offers the capabilities and capital of a private equity fund, but the mentality, partner orientation, and investment timeframe of a private holding company. Oval’s principals have completed more than 75 transactions involving platform investments, acquisitions, exits, and re-financings. Oval focuses on making investments in the Tech Enabled Services, Information Services, Internet, Software/SAAS and Industrial Technology markets. FlexPrint embodies the essence of Oval’s targeted “buy and build” strategy in attractive service oriented niche end markets.
“Tree Line has been a key partner for FlexPrint’s growth”, said Oval Partners Managing Director and Co-Founder John Knoll. “Tree Line’s transparent process and ability to think outside the box in crafting tailored structures has helped to deliver financing solutions that have enabled us to complete four acquisitions in the past year.”
“We’re thrilled to have completed another transaction with the team at FlexPrint and Oval who are building a very impressive platform”, explained Tree Line’s Managing Director Frank Cupido, “Our loan structures are designed to provide significant post-close support and we’re looking forward to continuing to provide growth capital to FlexPrint.”