Flex Technology Group announced the acquisition of Advance Business Systems.
Since its founding in 1964, Advance Business Systems has become a leading provider of business solutions in Maryland helping to improve workflows and increase efficiencies with Managed IT Services, Hardware, Production Print, Managed Print Services, Document Management, and Software Enhancement. Today, Advance Business Systems serves customers throughout the greater Mid-Atlantic region and across the nation out of its corporate headquarters in Baltimore, MD.
“We’re excited to welcome Jeff Elkin and his team of over 130 professionals to the FTG family. Advance is a world class organization. Their core values and unwavering commitment to their customers, community, and people align strongly with FTG, creating a solid foundation for a phenomenal partnership,” states Frank Gaspari, CEO of Flex Technology Group. “With this acquisition, FTG’s revenue now exceeds $400 million. We have a strong pipeline of great dealers looking to join FTG. Our national sales platform continues to fuel our organic growth. The future is exciting at FTG, and I look forward to the opportunities it will create for our 1300+ employees.”
“I’m thrilled to announce our partnership with Flex Technology Group and what that means for our entire team at Advance and our customers – new growth opportunities, additional employee programs, and expanded resources to provide an even greater customer experience,” states Jeff Elkin, president of Advance Business Systems. “We’re incredibly proud of what we’ve built here and look forward to leveraging our collective resources to continue our growth and elevate our value propositions.”
“We are excited to continue our best of breed acquisition strategy,” said John Knoll, co-founder of Oval Partners. “Advance’s longstanding customer relationships and deep market presence in the greater Baltimore area creates an attractive opportunity for FTG to offer its market leading managed print platform to both existing and new enterprises in that market. Combining the local presence of our copier dealer partners that have joined Flex with the nationwide coverage and capabilities of FTG is a powerful combination that has benefited all our customers. This is an exciting continuation of that strategy.”
Mr. Elkin, who will be an equity holder in Flex Technology Group, and his executive team will remain in their current leadership roles to ensure the continuation of the company’s proven success in serving their employees, customers, and the greater Baltimore community.
About Flex Technology Group
Flex Technology Group provides customized office technology solutions for national and leading-edge regional companies. The company focuses on print, document management, document production and managed IT solutions, representing industry-leading suppliers such as Canon, Ricoh, Konica Minolta, HP, Lexmark, Sharp, and various software solutions. FTG services over 25,000 customers nationally.
About Oval Partners
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 time frame 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.
