Chicago (Dec. 11, 2019) — Clover Imaging Group would like to highlight one important fact from the Dec. 11 press release from 4L Holdings, which operates as Clover Technologies Group, that announced 4L’s entry into a restructuring support agreement with the majority of its equity holders and a group of its lenders representing over 67% of its outstanding long-term debt. As stated in the press release, “Clover Imaging will not be part of the financial restructuring process, including any Chapter 11 filing.”
On Nov. 21, Clover Imaging Group’s executive leadership team and Norwest Equity Partners announced the acquisition of the Clover Imaging Group business unit from 4L Holdings Group. Following the close of the transaction, Clover Imaging Group will be a separate and independent company. There will be no shared financials, facilities, operations or personnel with 4L Holdings Group or Clover Wireless.
“We are confident that the acquisition will close in the very near future. As we communicated in November when we announced the agreement with Norwest Equity Partners, following the close of the transaction, Clover Imaging Group will have a conservative capital structure and greatly enhanced financial flexibility. We are committed to our go-to-market strategy and excited for the opportunities in front of us,” said Jim Cerkleski, chairman, Clover Imaging Group.
The company will provide further updates when the acquisition closes.
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About Clover Imaging Group
Centered around sustainable innovation, Clover Imaging Group offers independent dealers, OEMs, and retailers a complete imaging and solutions platform. Clover’s broad array of products and services includes award-winning remanufactured printer cartridges and parts, a comprehensive suite of managed print and technology services, and unparalleled marketing and sales support. Far from its early beginnings as an ink and toner remanufacturer, Clover has evolved into a global enterprise backed by world-class engineering, manufacturing and distribution infrastructure. These expansive capabilities enable Clover to provide a level of partnership unsurpassed in the aftermarket imaging space.
