Flex Equity Acquires Logical Maintenance Solutions to Establish a Platform for Investing in the Growing Global Managed IT Services Business

IRVINE, Calif. and DALLAS, June 3, 2021 /PRNewswire/ -- Today Flex Equity, a multi-family office (MFO) and strategic investor in high-growth middle market businesses, announced that it has signed an agreement for the acquisition of Logical Maintenance Solutions (LMS), a partner-focused managed service provider (MSP) that provides on-site maintenance and IT related services throughout the United States and Canada. The move enhances Flex Equity's portfolio of technical support service capabilities and original equipment manufacturer (OEM) relationships. Terms of the deal were not released.

In addition to the acquisition, Flex Equity will partner with industry veteran Stacey Powell, who will assume the role of Chief Executive Officer (CEO) of LMS, bringing together two women-owned organizations. Flex Equity's Ovation Technical Services will become the specialized services arm of LMS.

Headquartered in Irvine, California, LMS is a strong and growing business with a process-driven approach to servicing IT for companies that have an increasingly dispersed and remote workforce. During the challenging and changing parameters of the pandemic, LMS was able to quickly adapt and service organizations with large workforces suddenly switching from in-office to remote work. From the desktop and peripherals to the data center, LMS is known for its ability to collaborate closely with customers to meet and exceed their evolving service requirements. LMS has established strong relationships, averaging ten years of tenure per client, with industry leading OEMs and brands including Dell, Hewlett-Packard and Xerox, to name a few. 

"LMS brings a well-established team, service model and growth training that will help fuel our managed IT services expansion, and kick-off an exciting new chapter for Flex Equity," said Sameer Mittal, Managing Partner, Flex Equity, and Chairman and President, LMS. "LMS deepens Flex Equity's maintenance and technology service capabilities, to help meet the rapidly changing, increasingly dispersed and complex managed IT service opportunity. There is extremely strong market demand for quality, flexible service providers, and we are delighted to welcome the full LMS team to continue our growth."

"Combining LMS and Ovation marks an exciting new step for the leadership team.  Utilizing the LMS variable workforce model to enhance our reach and ability to remain competitive for our clients, will be a huge differentiator in the value we have created for our clients," said Stacey Powell. "Working directly with Flex Equity enables us to expand career opportunities for our people, and continue to transform and scale our global managed IT service options to meet the continuously evolving needs of our customers."

"We could not be more excited about the addition of LMS to the Flex Equity family office portfolio of companies," said Yogesh Kumar, Managing Partner, Flex Equity. "As the first addition of a managed IT service provider to our portfolio, LMS is well-positioned to be a key piece of the next chapter of our portfolio's growth and evolution. LMS's operational excellence and experience will be invaluable as we look to grow our portfolio in the coming years."

LMS brings to Flex Equity an advanced ability to conduct remote solve and monitoring of end user devices, where the market has seen a strong increase in demand due to COVID-19 on-site restrictions. In addition, LMS brings a strong and flexible on-site service support, purchasing, parts and logistics for retail support including point of sale (POS), servers, audio / video, security cameras, low-voltage cabling, networking, digital signage, VOIP and mobility.

The transaction is subject to customary regulatory approvals and conditions precedents and is due to close in the coming weeks.

About Flex Equity
Flex Equity is the multi-family office (MFO) of Sameer Mittal and Yogesh Kumar. Acting as co-chairmen of their MFO, the strategy is to invest in, nurture, grow, and exit entities within the critical middle market.  Flex Equity executes the first-principles of a family business structure, with a mission to infuse capital and offer hands-on cultivation of the investment. The structure and experience within Flex Equity makes available to its acquisitions a network of in-house consultants to enable the management to focus on sales, operations, and scaling the business.

About Logical Maintenance Solutions
Logical Maintenance Solutions (LMS) is a managed services provider (MSP) that partners with its customers to provide an array of on-site and remote IT and print related services and support throughout the United States and Canada. LMS's process driven approach prioritizes working in collaboration with partners to provide optimal service delivery to the desktop or data center based on a customer's unique requirements. LMS works directly and indirectly with OEMs to support remote solve and monitoring of end user devices in addition to its on-site service component for retail support including point of sale (POS), servers, audio / video, security cameras, low-voltage cabling, networking, digital signage, VOIP and mobility. With strong and flexible technical support, purchasing, parts and logistics teams, LMS is staffed and ready to scale up or down to precisely what customers need, deploying a full depot repair center to build solutions around advanced exchange hardware and configuration centers.

SOURCE Flex Equity