UBEO Business Services has announced its merger with Ray Morgan Company the largest independent Canon dealer in the Western United State. Terms of the deal were not disclosed.
“The partnership with Ray Morgan will be transformational for the UBEO companies,” said Jim Sheffield, president and CEO of UBEO. “The transaction combines two leading, best-in-class operators in a highly attractive industry and establishes a dominant position on the West Coast. This merger significantly enlarges our geographic footprint, doubles our acquisition pipeline, and creates a “˜consolidator of choice’ within the industry.”
“UBEO and Ray Morgan will benefit from a strong cultural fit and we are thrilled about this partnership. Ray Morgan is a community-based and customer-focused organization and this partnership allows us to stay vested, retain our culture, and maintain control of how the business will be operated in the short and long term. In addition, we expect tremendous synergies that will strengthen both businesses and are excited about the financial resources available to partner with other strategic dealerships throughout the nation,” said Greg Martin, president of Ray Morgan.
Following the transaction, Jim Sheffield will remain chief executive officer of UBEO. The Ray Morgan Company continues to be headquartered in California and will be the Western Region hub for UBEO. Greg Martin will remain president of Ray Morgan Company.
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