Private-Equity Firm Invests in LMI Solutions
LMI Solutions reported today that private-equity firm Turnspire Capital Partners has made an undisclosed investment in LMI.
LMI Solutions is an R2-certified manufacturer, distributor, and recycler of replacement toner cartridges, remanufactured printers, parts and related imaging supplies, serving resellers throughout the United States and Canada. LMI states that it distributes thousands of SKUs to over 5,000 resellers, including the most popular OEM products, and is a recognized global leader for managed print services (MPS) infrastructure and support.
The firm says that this new investment will enable it to accelerate its expansion and investments in manufacturing high-quality products for its network of dealers in North America. It says the investment will also further solidifies LMI’s position “as the leading provider of MPS Infrastructure (tools, resources, software and solutions) enabling dealers to successfully sell and operationalize services-based selling models.”
LMI Solutions CEO Gary Willert commented: “We are very excited to partner with Turnspire, whose executive team shares our vision for customer service, product quality, and industry commitment. We believe it’s important for dealers to have a reliable, high-quality choice in the market and Turnspire’s investment reinforces LMI’s commitment to deliver solutions that support our customers’ growth and success in the Managed Print Services space. I am proud of what the LMI team has accomplished, and look forward to working together to achieve our business objectives.”
“We are impressed with the LMI leadership, which is driven to take the Company and its customers to the next level,” commented Ilya Koffman, managing partner at Turnspire. “We are thrilled to be a part of bringing long-term stability to the Company and providing reliable, quality, and accessible products. Our objective is to exceed customer expectations by focusing our time and efforts on driving operational excellence at LMI.”
LMI also expects that this strategic partnership will enable it to participate in the consolidation of the market over the coming months and years.