{"id":48462,"date":"2022-01-20T14:41:48","date_gmt":"2022-01-20T22:41:48","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=48462"},"modified":"2022-01-20T14:46:24","modified_gmt":"2022-01-20T22:46:24","slug":"centric-business-systems-acquisition-marks-ubeos-latest-east-coast-foray","status":"publish","type":"post","link":"http:\/\/www.enxmag.com\/twii\/feature-articles\/2022\/01\/centric-business-systems-acquisition-marks-ubeos-latest-east-coast-foray\/","title":{"rendered":"Centric Business Systems Acquisition Marks UBEO\u2019s Latest East Coast Foray"},"content":{"rendered":"\n
\"\"
Jim Morrissey, UBEO Business Services president<\/figcaption><\/figure><\/div>\n\n\n\n

UBEO Business Services picked up right where it left off in 2021 with the announcement that it had acquired Centric Business Systems of Owings Mill, Maryland, a $55 million performer and longtime ENX Magazine<\/em> Elite Dealer. The acquisition gives UBEO\u2014which has holdings in New York, Pennsylvania, Connecticut and Massachusetts\u2014a significant presence in the Maryland, Virginia, West Virginia, Delaware and Washington D.C. markets.<\/p>\n\n\n\n

According to Jim Morrissey, president of San Antonio-based UBEO, the acquisition only marks the beginning of what is expected to be an extremely active 2022 for the dealer, which announced five deals during the previous year. Morrissey said the company currently has a fertile pipeline, particularly in regards to East Coast prospects.<\/p>\n\n\n\n

In Centric Business Systems, UBEO has added a distinguished and well-respected dealership to the fold. Behind the leadership of Rick Bastinelli, Centric has flourished beyond the $50 million plateau since opening its doors in 1990. A Sharp, Ricoh, HP and Kyocera dealer, Centric strengthened its Richmond, Virginia, holdings last year by acquiring a base of customers from Service First Copier. That complemented its growth in A4, MPS and production print.<\/p>\n\n\n\n

\"\"
Rick Bastinelli, Centric Business Systems<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cIn an ever-changing business environment, it is important that we continue to make strategic, long-term business decisions for our customers and employees,\u201d said Bastinelli, who will remain at the helm of Centric. \u201cBy joining UBEO, we have even more tools in our toolkit to help us serve our customer needs, bring even more diversified offerings to our marketplaces, and provide greater career advancement opportunities for our employees. We truly see this as a partnership that will allow us to continue to grow our community.\u201d<\/p>\n\n\n\n

\"\"
Jim Sheffield, UBEO CEO<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cOur goal from the beginning has been to buy high-quality companies that line up with UBEO\u2019s customer-centric philosophy and the Centric team epitomizes those values,\u201d said Jim Sheffield, CEO of UBEO. \u201cCentric is a strong and strategic fit for UBEO. Combining our best practices will provide significant value for our customers.\u201d<\/p>\n\n\n\n

Morrissey noted that the deal, which was completed in December, took a mere 120 days to finalize. \u201cRick is top of the heap when it comes to integrity; everything he said (about his company) was true, we checked all the boxes and it happened quickly. We were all motivated to complete it by year\u2019s end,\u201d he told ENX Magazine<\/em>.<\/p>\n\n\n\n

UBEO won the agreement in a competitive scenario. When Morrissey\u2019s team learned that Bastinelli was in the market for a suitor to take his company to the next level, it paved the way to initial talks.<\/p>\n\n\n\n

\u201cRick had done his due diligence, talked to a number of companies,\u201d Morrissey said. \u201cWe\u2019re very excited to have Rick turn his baby, as he calls it, over to us. Centric is a nice fit, they mirror UBEO\u2019s current culture and direction of where we think business is going. It\u2019s a good match.\u201d<\/p>\n\n\n\n

Low-Key Approach<\/strong><\/p>\n\n\n\n

UBEO has taken a low-key approach to its outward reach in the M&A theater. Morrissey talks to many consultants and dealers about UBEO\u2019s objectives, its views on the industry\u2019s trajectory, what it plans to do and the path it is taking to accomplish those ends. From an acquisition standpoint, that entails finding strong cultural fits and companies like Centric that meet UBEO\u2019s definition of a standout performer, as opposed to reclamation projects.<\/p>\n\n\n\n

\u201cThe interesting thing about the acquisition game is dealers have a lot of history as to who\u2019s doing what,\u201d Morrissey noted. \u201cIt\u2019s not what the acquirers say, it\u2019s what they\u2019ve done. And everyone pretty much has the blueprint of what these companies are doing. When we acquire a company, we don\u2019t do any hacking and whacking, or chopping and slicing.\u201d<\/p>\n\n\n\n

UBEO had taken a regional approach to growth prior to Morrissey\u2019s arrival and is now looking to become more of a national presence while employing a strategic approach to M&A growth. Morrissey has extensive experience on both sides of the ball, from OEM positions in the Northeast with Xerox, Ricoh and Canon to dealer leadership roles with Alco Standard\/IKON Office Solutions. He continues to leverage that experience as UBEO sets its sights on further expansion.<\/p>\n\n\n\n

\u201cWe\u2019re not looking to become a monster in size, we\u2019re looking to be the premier provider in the industry,\u201d he said. \u201cWe\u2019re not looking to fill the map, but we do have our eyes on the central, west and east as a strategic initiative. We\u2019ve bought a cluster of companies in the Northeast, and this deal really adds a lot of horsepower to the region. We\u2019ve got quite a bit of East Coast acquisitions on our plate for this year, and we expect our holdings to be very large there during 2022.\u201d<\/p>\n\n\n\n

Morrissey believes 2022 will be deal-laden as dealers continue to reconcile the continuing business challenges. Those companies that do not take the necessary growth steps to weather the post-COVID storm by fortifying areas such as production, software and processes will struggle as a viable, ongoing concern.<\/p>\n\n\n\n

Platform Building<\/strong><\/p>\n\n\n\n

And while UBEO has carved out a name for itself in recent years as a top M&A player, the headlines don\u2019t bring attention to the efforts Morrissey and Sheffield have made to grow its platform through technology and process-enhancement investments.<\/p>\n\n\n\n

\u201cWe\u2019ve implemented a significant amount of technology around what we\u2019re doing so that when we do acquire companies, we\u2019re not just taking on more volume,\u201d he said. \u201cWe\u2019re gaining synergies to take advantage of better processes. We feel that not only did we fare well during COVID, we spent a lot of time on infrastructure and hiring the right people in roles who will be able to manage the infrastructure that we built. \u201cWe want to be nothing less than the premier provider in the industry, and we\u2019re excited to talk to companies who want to get on board with that notion. <\/p>\n\n\n\n

“We feel very good about our current pipeline, and we\u2019re going to methodically go after each market with the same due diligence that we\u2019ve done so far to make sure we\u2019re not getting distracted or getting into things we don\u2019t see as value. All the infrastructure building and the investments we made over the last three years are going to pay big dividends. We can\u2019t be more excited about 2022.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

UBEO Business Services picked up right where it left off in 2021 with the announcement that it had acquired Centric Business Systems of Owings Mill, Maryland, a $55 million performer and longtime ENX Magazine Elite Dealer. The acquisition gives UBEO\u2014which has holdings in New York, Pennsylvania, Connecticut and Massachusetts\u2014a significant presence in the Maryland, Virginia, West Virginia, Delaware and Washington D.C. markets. According to Jim Morrissey, president of San Antonio-based UBEO, the acquisition only marks the beginning of what is expected to be an extremely active 2022 for the dealer, which announced five deals during the previous year. Morrissey said the company currently has a fertile pipeline, particularly in regards to East Coast prospects. In Centric Business Systems, UBEO has added a distinguished and well-respected dealership to the fold. Behind the leadership of Rick Bastinelli, Centric has flourished beyond the $50 million plateau since opening its doors in 1990. A Sharp, Ricoh, HP and Kyocera dealer, Centric strengthened its Richmond, Virginia, holdings last year by acquiring a base of customers from Service First Copier. That complemented its growth in A4, MPS and production print. \u201cIn an ever-changing business environment, it is important that we continue to make strategic, long-term business decisions for our customers and employees,\u201d said Bastinelli, who will remain at the helm of Centric. \u201cBy joining UBEO, we have even more tools in our toolkit to help us serve our customer needs, bring even more diversified offerings to our marketplaces, and provide greater career advancement opportunities for our employees. We truly see this as a partnership that will allow us to continue to grow our community.\u201d \u201cOur goal from the beginning has been to buy high-quality companies that line up with UBEO\u2019s customer-centric philosophy and the Centric team epitomizes those values,\u201d said Jim Sheffield, CEO of UBEO. \u201cCentric is a strong and strategic fit for UBEO. Combining our best practices will provide significant value for our customers.\u201d Morrissey noted that the deal, which was completed in December, took a mere 120 days to finalize. \u201cRick is top of the heap when it comes to integrity; everything he said (about his company) was true, we checked all the boxes and it happened quickly. We were all motivated to complete it by year\u2019s end,\u201d he told ENX Magazine. UBEO won the agreement in a competitive scenario. When Morrissey\u2019s team learned that Bastinelli was in the market for a suitor to take his company to the next level, it paved the way to initial talks. \u201cRick had done his due diligence, talked to a number of companies,\u201d Morrissey said. \u201cWe\u2019re very excited to have Rick turn his baby, as he calls it, over to us. Centric is a nice fit, they mirror UBEO\u2019s current culture and direction of where we think business is going. It\u2019s a good match.\u201d Low-Key Approach UBEO has taken a low-key approach to its outward reach in the M&A theater. Morrissey talks to many consultants and dealers about UBEO\u2019s objectives, its views on the industry\u2019s trajectory, what it plans to do and the path it is taking to accomplish those ends. From an acquisition standpoint, that entails finding strong cultural fits and companies like Centric that meet UBEO\u2019s definition of a standout performer, as opposed to reclamation projects. \u201cThe interesting thing about the acquisition game is dealers have a lot of history as to who\u2019s doing what,\u201d Morrissey noted. \u201cIt\u2019s not what the acquirers say, it\u2019s what they\u2019ve done. And everyone pretty much has the blueprint of what these companies are doing. When we acquire a company, we don\u2019t do any hacking and whacking, or chopping and slicing.\u201d UBEO had taken a regional approach to growth prior to Morrissey\u2019s arrival and is now looking to become more of a national presence while employing a strategic approach to M&A growth. Morrissey has extensive experience on both sides of the ball, from OEM positions in the Northeast with Xerox, Ricoh and Canon to dealer leadership roles with Alco Standard\/IKON Office Solutions. He continues to leverage that experience as UBEO sets its sights on further expansion. \u201cWe\u2019re not looking to become a monster in size, we\u2019re looking to be the premier provider in the industry,\u201d he said. \u201cWe\u2019re not looking to fill the map, but we do have our eyes on the central, west and east as a strategic initiative. We\u2019ve bought a cluster of companies in the Northeast, and this deal really adds a lot of horsepower to the region. We\u2019ve got quite a bit of East Coast acquisitions on our plate for this year, and we expect our holdings to be very large there during 2022.\u201d Morrissey believes 2022 will be deal-laden as dealers continue to reconcile the continuing business challenges. Those companies that do not take the necessary growth steps to weather the post-COVID storm by fortifying areas such as production, software and processes will struggle as a viable, ongoing concern. Platform Building And while UBEO has carved out a name for itself in recent years as a top M&A player, the headlines don\u2019t bring attention to the efforts Morrissey and Sheffield have made to grow its platform through technology and process-enhancement investments. \u201cWe\u2019ve implemented a significant amount of technology around what we\u2019re doing so that when we do acquire companies, we\u2019re not just taking on more volume,\u201d he said. \u201cWe\u2019re gaining synergies to take advantage of better processes. We feel that not only did we fare well during COVID, we spent a lot of time on infrastructure and hiring the right people in roles who will be able to manage the infrastructure that we built. \u201cWe want to be nothing less than the premier provider in the industry, and we\u2019re excited to talk to companies who want to get on board with that notion. “We feel very good about our current pipeline, and we\u2019re going to methodically go after each market with the same due diligence that we\u2019ve done so far to make sure we\u2019re not getting distracted or getting into things we don\u2019t see as […]<\/p>\n","protected":false},"author":166,"featured_media":37688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1650,82,3187,87,1638],"tags":[2042,3510],"_links":{"self":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48462"}],"collection":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/166"}],"replies":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=48462"}],"version-history":[{"count":1,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48462\/revisions"}],"predecessor-version":[{"id":48463,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48462\/revisions\/48463"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media\/37688"}],"wp:attachment":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=48462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=48462"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=48462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}