Norwest Equity Partners Grows Business Services Portfolio with Clover Imaging Group Acquisition

  • Clover Imaging is the world’s largest collector and remanufacturer of printer cartridges
  • Environmentally conscious products result in 50 percent reduced overall impact compared to OEM equivalents
  • Cohesive leadership team focused on innovation and growth execution

Minneapolis, Minnesota – Norwest Equity Partners (“NEP”) and the Clover Imaging Group executive leadership team have partnered together to acquire Clover Imaging Group (“Clover Imaging” or the “Company”) from 4L Holdings (which operates as the Clover Technologies Group). Clover Imaging is the global leader in producing high quality, low cost remanufactured printer cartridges that help organizations lower their printing costs while also reducing their environmental impact. The transaction closed on December 16, 2019. Financial terms of the transaction were not disclosed. As a result of the transaction, Clover Imaging Group will operate as its own independent standalone entity and will no longer be affiliated with 4L Holdings, the Clover Technologies Group or Clover Wireless.

Jim Cerkleski, Chairman of Clover Imaging Group, stated, “Our executive leadership team, in partnership with NEP, has an unwavering commitment to the success of the business. We also share confidence in the aftermarket imaging supplies industry and consumers’ demand for environmentally conscious products like ours. We are well-positioned to write the next chapter for Clover Imaging and could not be more excited about the growth opportunities this new capital and partnership will provide.”

Founded in 1996, Clover Imaging’s business spans 43 countries, with manufacturing, distribution, collections and sales locations across North America, South America, Asia and Europe. Clover Imaging provides businesses with intelligent environmental solutions focused on the recovery, remanufacturing and remarketing of technology assets. On a monthly basis, Clover Imaging collects, recycles and remanufactures millions of cartridges. Compared to single-use cartridges, Clover Imaging’s cartridges have been shown to provide a 50 percent smaller overall environmental impact.

NEP has been investing in growing, profitable, and scalable middle market companies since 1961 and has deep experience working with industry-leading business services companies. Tim DeVries, NEP Managing Partner, stated, “Clover Imaging is a great fit for our portfolio. It is a well-run business with a highly experienced, nimble management team that knows how to innovate and execute. We look forward to collaborating with them to leverage Clover Imaging’s already strong position and global footprint in the marketplace and put our capital and resources to work to further expand and grow the business.”

“Clover Imaging is the world’s largest cartridge remanufacturer. The business creates value for all constituents with its environmentally-conscious recycled offerings and broad collection and distribution channels,” Sundip Murthy, NEP Partner, added.

“I know that NEP is the right partner for us – we fit together culturally. All of the work we’ve done to date has helped position us for continued success with NEP by our side,” shared George Milton, CEO of Clover Imaging Group.

Lincoln International and Kirkland & Ellis LLP advised Clover Imaging on the transaction; Skadden, Arps, Slate, Meagher & Flom LLP was legal advisor to NEP; and PNC Bank, National Association and TCW Asset Management Company LLC provided debt financing to the acquiror.

Clover Imaging is headquartered in Chicago and employs approximately 5,000 people across the globe. More information can be found on and