NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire") announced today that, through a newly formed affiliate, it has made a significant investment in LaserMasters LLC ("LMI Solutions" or "LMI") in partnership with Chief Executive Officer Gary Willert and the Willert family. LMI is a leading manufacturer, distributor and recycler of premium replacement toner cartridges, related imaging supplies, and remanufactured printers.
LMI Solutions is a critical supplier to the rapidly growing Managed Print Services ("MPS") market. LMI's customers include equipment dealers across the United States and Canada, who value the company for its product development capabilities and product quality. LMI is headquartered in Phoenix, Arizona, and operates a remanufacturing facility in Guanajuato, Mexico, as well as seven distribution centers throughout North America. LMI will continue to be led by Mr. Willert, who is retaining a significant ownership stake.
Turnspire Managing Partner Ilya Koffman said, "We are delighted to partner with Gary Willert and the Willert family on the LMI investment. LMI is a perfect fit with our strategy of investing in market-leading industrial companies that can benefit from our hands-on operationally-focused approach. Gary and the management team have built an incredible company that has become the go-to supplier for MPS dealers, and an engine to drive their growth. We intend to continue building LMI, both organically and through select acquisitions. We look forward to what we can accomplish together with the talented management and employees of LMI."
Concurrent with Turnspire's investment, Sebastian Bretschneider has joined LMI's Board of Managers. Mr. Bretschneider is an accomplished executive with a deep industry network and significant relevant experience, most recently as CEO of Katun Corporation.
"We are excited to embark on the next chapter of our growth story together with Turnspire," said LMI CEO Gary Willert. "We now have a financial partner with whom share the same vision, the same drive to excel and the same values. Importantly, Turnspire is committed to investing in innovation, quality, and service at our company. With the benefit of Turnspire's operational and strategic resources, including Sebastian's experience and contacts, LMI is now even better positioned to take advantage of the growth opportunities in the MPS market."
Chapman & Cutler LLP served as legal counsel to Turnspire on the LMI investment.
About LMI Solutions
LMI Solutions is an award-winning, Managed Print Services Infrastructure provider to the market, as well as a Responsible Recycling Certified manufacturer, distributor and recycler of premium replacement toner cartridges, related imaging supplies, and remanufactured printers. LMI distributes more than 5,000 SKUs, including the most popular OEM products, and is a recognized global leader for empowering dealers with Managed Print Services & Support throughout North America. Recently, INTEC member voting selected LMI as the Winner of "The People's Choice Award," following the BTA's "Best Remanufactured Cartridges" award, recognition from the MPSA, and the coveted Readers' Choice Awards for the industry's "Best MPS Program" and "MPS Infrastructure Provider." For additional information, please visit www.lmisolutions.com.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
SOURCE Turnspire Capital Partners LLC