Turnspire Invests in LMI

Turnspire Invests in LMI

Turnspire Capital Partners has made an investment in LaserMasters (LMI) in partnership with the company’s CEO Gary Willert and the Willert family.

LMI is a manufacturer, distributor and recycler of replacement toner cartridges, related imaging supplies, and remanufactured printers. The company is headquartered in Phoenix and operates a remanufacturing facility in Guanajuato, Mexico and has seven distribution centers throughout North America (www.lmisolutions.com).

Upon closing of this transaction, Sebastian Bretschneider has joined LMI’s board of managers. Mr. Bretschneider is an experienced operating executive. He previously was the interim CEO at Katun Corporation, a Minneapolis-based supplier of OEM-compatible imaging supplies, photoreceptors, parts and accessories for single and multi-function copiers, printers, and other imaging devices. The company has distribution facilities in the United States and Europe; warehouses in Mexico and Singapore; and 16 sales and customer service offices throughout the world. Katun was a portfolio company of Monomoy Capital Partners from September 2008 to December 2017 (acquired by Taiwan-based General Plastic Industrial Co.).

LMI will continue to be led by Mr. Willert, who is retaining a significant ownership stake. “We are excited to embark on the next chapter of our growth story together with Turnspire,” said Mr. Willert.  “We now have a financial partner with whom share the same vision, the same drive to excel and the same values.  Importantly, Turnspire is committed to investing in innovation, quality, and service at our company.  With the benefit of Turnspire’s operational and strategic resources, including Sebastian’s experience and contacts, LMI is now even better positioned to take advantage of the growth opportunities in the managed print services market.”

“We are delighted to partner with Gary Willert and the Willert family on the LMI investment,” said Turnspire Managing Partner Ilya Koffman. “LMI is a perfect fit with our strategy of investing in market-leading industrial companies that can benefit from our hands-on operationally-focused approach.  Gary and the management team have built an incredible company that has become the go-to supplier for managed print services dealers, and an engine to drive their growth.  We intend to continue building LMI, both organically and through select acquisitions.”

Turnspire invests in companies with revenues between $50 million and $400 million and valuations up to $125 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround.  Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; food and beverage; industrial equipment; logistics; metals and metal fabrication; paper and packaging; and plastics and synthetic materials. Turnspire is based in New York (www.turnspirecap.com).

Chapman & Cutler (www.chapman.com) provided legal services to Turnspire on this transaction.

© 2018 Private Equity Professional | August 22, 2018

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