FirePower Private Debt division provided management buyout funding to Cluep

Advisory — Sell-Side
Software & Tech
Alan Chettiar
Sebastien Douville
Somant Maraj
Background
Printfleet develops software to collect data from, monitor, and optimize networks of printers and other imaging devices. FirePower was engaged to find strategic buyers with a global reach who could better monetize the software.
The company was in the midst of a strategic rebranding, during which it struggled to find the right tone. FirePower's impact was immediate, in that we gave the process direction, crafting a compelling narrative for the most sophisticated parties in the industry. Our M&A Advisory team spent hundreds of hours learning the platform, its value proposition and its technology.
Solution
We initiated conversations with 143 potential acquirers, which included global, blue-chip OEMs and sponsor-backed strategics. 4 firms submitted LOIs and 2 were selected as finalists:
After a well fought negotiation, we elected to move ahead with the Japanese buyer.
With legals nearing completion, the Japanese strategic went through an internal reorganization and, just four weeks before closing, terminated the deal. Due to our transparent and candid approach, ECi was keen to return to the table. We successfully re-engaged with ECi on the same terms and conditions as the first LOI, a rare feat given ECi (naturally) knew things fell apart with the other buyer, and closed without major challenges.
We had the closing call this morning, pushing us past the ever receding finish line!
I wanted to thank you for your help getting this transaction done. The Firepower M&A Advisory team delivered on all the promises. From what I have seen of the team, great things await.
In particular, I want to thank Jon and Matt who have been invaluable in every stage of the transaction and a pleasure to work with.