BV Investment Partners has sold Plasco ID to the Barcodes Group, a portfolio company of Odyssey Investment Partners. BV acquired Plasco ID through its eighth fund in December 2014.
Plasco ID is an online lead generation and distribution business serving the identification and access control industry. The company sells identity and access control products such as identification printers, software, and cameras; related consumables such as blank ID cards and printer ribbons; and provides various technical support services.
According to the company, it is the largest provider of digital photo identification systems and supplies to Fortune 500 companies and healthcare organizations in the United States and internationally. Plasco ID was founded in 1983 and has operations in Miami, FL and St. Louis Park, MN (www.plascoid.com) (www.IDWholesaler.com) and (www.IDZone.com).
“We had an outstanding partnership with the BV team and that relationship opened new growth opportunities for us,” said Alan Mendelson, CEO of Plasco. “Five years ago, we mapped out a growth plan upon which we have successfully executed. With BV’s guidance, expertise and network, we launched new products and entered new categories of business. The combination of Plasco ID and Barcodes will create a market-leading platform to better serve our customers and plans for expansion.”
Barcodes, the buyer of Plasco ID, is a distributor of automatic identification and data capture (AIDC) products and services such as barcode scanners, mobile computers, label printers, point-of-sale systems, and related consumable products, software, and integration services. The company also distributes identification card and access control products and systems. Customers of Barcodes include small and medium-sized businesses and some Fortune 500 customers throughout the US, Canada, and UK. Barcodes is led by CEO Daniel Nettesheim and is headquartered in Chicago (www.barcodesinc.com).
“Since partnering with Alan Mendelson in 2014, we have had the benefit of working with the management team to transform Plasco into a proprietary full solutions provider of identity and access control software, products, and services,” said Justin Harrison, a managing partner of BV Investment Partners. “During this partnership, we launched new products, expanded internationally, and completed two acquisitions. Our relationship with Alan was a key contributor to this successful outcome.” The two add-on acquisitions were the buys of SouthEast ID, a Deerfield Beach, FL-based photo identification products retailer in January 2016; and BadgeExpress an Asheville, NC-based provider of security and access cards, and badging systems in December 2016.
BV Investment Partners makes investments in companies that are active in the business services, software, and information technology services industries. Since its founding in 1983, the firm has invested over $3 billion in more than 95 companies. BV Investment Partners is headquartered in Boston (www.bvlp.com).
Odyssey, which acquired Barcodes from Cortec Group in January 2019, makes control investments in middle-market companies that have from $20 million to $100 million of EBITDA. Sectors of interest include industrial and business services. The firm has offices in New York and west of Los Angeles in Woodland Hills, CA (www.odysseyinvestment.com).
© 2019 Private Equity Professional | August 26, 2019