UBEO Business Services (UBEO), a premier provider of printer, copier and related office equipment sales and services companies, announced its merger with Ray Morgan Company (Ray Morgan), the largest independent Canon dealer in the Western United States and one of the fastest growing Ricoh dealers in the country. The companies have combined revenues in excess of $200 million. 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,” said Greg Martin, president of Ray Morgan. “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.”
The partnership represents one of the largest transactions in the office equipment industry in the past several years. The combined businesses now represent over 700 employees and an installed base of 135,000 machines in the field.
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.
The Ray Morgan partnership is the third, and largest, transaction that UBEO has consummated since its partnership with Sentinel Capital Partners in April 2018.
UBEO is a portfolio company of Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the midmarket.
About UBEO Business Services
UBEO Business Services is the largest independent provider of best-in-class document management equipment and business technology integration related services in Texas and Louisiana. UBEO Business Services, with its best of breed offering, remains committed to being the “high-end customer experience” in the industry. UBEO’s success is attributable to its commitment to acquire best-in-class companies and build a premier brand in the document technology industry.
About Ray Morgan Company
The Ray Morgan Company is a leading provider of office technology solutions in California and Nevada. Established in 1956, Ray Morgan Company operates 20 sales branches throughout California and Nevada marketing printers, copiers, managed IT solutions, and other document management solutions nationally and internationally.