Gamut Capital to Acquire Dex Imaging from Staples

Gamut Capital Management, a New York-based private equity firm, in partnership with the Doyle family, today announced it’s signed a definitive agreement to acquire DEX Imaging, a provider of managed print services, from Staples, Inc., for an undisclosed sum.

Dex was founded by Dan Doyle Sr. and Dan Doyle Jr. in 2002, and provides managed print services, as well as equipment, servicing, and supply management to clients ranging from small businesses to large enterprises.

Staples acquired DEX in 2019 and grew the business organically and through mergers and acquisition, in partnership with the Doyle family. “Since Staples acquired DEX, their team has been a great partner, helping drive growth and positioning us for our next chapter,” commented Dan Doyle Jr., CEO of DEX.

He added, “Our family is pleased to again take an ownership stake in the business we founded, and we look forward to working alongside the Gamut team to further strengthen our relationships with suppliers and enhance our service capabilities, ensuring DEX continues to set industry standards in customer satisfaction and technological innovation.”

“We’re eager to partner with the Doyle family, a name that has represented excellence in the industry for nearly five decades,” commented Sam Powell,partner at Gamut. “Together, we aim to build a national presence through strategic acquisitions and organic growth, leveraging the strong foundation laid by the Doyles. This partnership embodies our commitment to invest in and enhance businesses with solid market potential and proven leadership to enhance long-term value creation.”

Sam Powell and Stan Parker, Founding Partner at Gamut, will join the DEX board of directors.

The acquisition is subject to customary closing conditions.

Staples’ Debt Troubles

The move comes as office-supply chain Staples is said to be facing significant debt challenges. Staples was acquired by Sycamore Partners for $6.9 billion. But Sycamore financed the acquisition through $5.7 billion in debt, and now Staples itself is faced with a staggering $6 billion debt problem.

According to Bloomberg data, that $6 billion includes an almost $300 million loan that’s matures this year, and more than $5 billion coming due in 2026.

However, banks that include JP Morgan Chase and Morgan Stanley are said to be looking for investor interest in a debt package to refinance Staples’ near-term debt. A deal may be in the works by the end of April. The sale of Dex may also be helpful.