By Andy Slawetsky – On Aug. 17, Reuters published an article stating that Clover was exploring the possibility of selling the $1.5 billion supplies and recycling company.
On August 18, I chatted with EVP Luke Goldberg of Clover to get the scoop on What’s Happenin’ with Clover. Luke told me that Clover has experienced a lot of organic and not organic growth (through acquisitions) over the last 16 years.
We joked that neither of us could remember exactly how many companies are now under the Clover umbrella. “Throughout this period, Clover has always been exploring new financial partners and opportunities,” he said.
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And that’s exactly what this is. It appears that Clover is not for sale, as the Reuters article implied. Clover is in the process of evaluating potential investments. There’s no specific time table for completion of the negotiations they’re having and Luke obviously couldn’t tell me who they’re with.
He told me, “There’s no impact whatsoever in the management team. There’s no impact whatsoever on facilities or operations. It’s business as usual for anyone who does business with us.” Good news for Clover’s massive customer base.
If anything, the infusion of capital in a company like Clover should free up resources, allow them to continue their aggressive acquisition strategy and continue to grow and develop programs.
Clover began in 1996 as a toner remanufactured in Illinois. They were acquired by the VC firm Golden Gate Capital in 2010, a partnership that helped fund Clover’s explosive growth and acquisitions of companies like MSE, West Point and others.
While still a force in the printer aftermarket industry, Clover has expanded into cell phone recycling and other areas.
It sounds like Clover is about to take things up a notch or two.
~Andy
