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ABCOM Technology Group Acquires SmartSource Rentals
ABCOM Technology Group ("ABCOM" or the "Company"), a Dubin Clark & Company, Inc. ("Dubin Clark") portfolio company, announced that it has acquired SmartSource Rentals ("SmartSource") facilitated by a recapitalization, effective today. The combination of ABCOM and SmartSource creates the leading provider of Outsourced IT and Event Technology Solutions with a broad and innovative offering of services to enhance the customer experience.
"This is an exciting time for the technology rentals and solutions industry, especially as the events landscape continues to evolve and grow in scale and complexity," stated ABCOM CEO Sonny Goyal. "We are proud to partner with SmartSource, leveraging our complementary suite of services. ABCOM's portfolio of innovative technology solutions, coupled with SmartSource's nationwide reach and highly differentiated services, position our combined company to create meaningful growth opportunities for our customers and our people."
Sanjay Kapur, CEO of SmartSource, said, "With more than 60 years of combined industry experience, ABCOM and SmartSource share the same focus and values when it comes to anticipating customers' ever-changing needs. We look forward to growing together and using our shared ideals and culture of operational excellence to become a stronger partner for our customers."
"ABCOM is investing in the solutions and capabilities that will enhance the customer experience and move the business forward," added Brent Paris, Managing Partner of Dubin Clark and Chairman of ABCOM's Board of Directors. "ABCOM's partnership with SmartSource provides a platform for growth and solidifies the Company as an industry leader – both of which are incredibly important as we look towards the future."
With 26 offices in 21 markets and a collective team of more than 500 employees, the combination significantly expands ABCOM's geographic footprint to better serve customers throughout North America and advances the Company's strategic approach focused on partnerships and transcontinental expansion.
The combination also accelerates ABCOM's growth strategy in technology rentals – a key pillar of the Company's business model. It also strengthens its Digital Signage Solutions (ABCOMDSS) and Asset Management Services (ABCOMAMS) divisions, resulting in a complementary and expanded overall portfolio.
The combined company is led by CEO Sonny Goyal with the support of a highly experienced leadership team comprised of executives from both ABCOM and SmartSource. Sanjay Kapur will be a key part of the leadership team of the combined company, serving as COO.
While the combined company will immediately benefit from shared resources and capabilities, both ABCOM and SmartSource's teams are conducting business as usual and will largely operate independently in the near term. Accordingly, the combination is positioned to enhance the customer experience and will in no way impact existing customer relationships.
"The value of this combination is underpinned by the expertise of our people," Goyal concluded. "We are uniting two pioneering companies, founded in the 1980s by entrepreneurs that had a vision of transforming the customer experience in our industry. After running parallel for decades, today, we have joined together to unlock THE POWER OF ONE."
As the leading provider of IT and Digital Signage since 1989, ABCOMRENTS builds partnerships with clients in the event and tradeshow industry by providing the most innovative technology solutions. The unparalleled technical support that we provide allows us to work together to help execute flawless, technology-rich events. Our goal is to bridge technology and people to create a truly unforgettable experience. For more information, visit www.abcomrents.com.
About Dubin Clark
Established in 1984, Dubin Clark is a private equity firm that focuses on strategic and operational value creation and seeks to acquire interest in branded consumer and industrial niche manufacturers and specialty business services with unique business models and a strong growth trajectory. The Firm is based in Boston, Massachusetts, with an additional office in Ponte Vedra Beach, Florida. For more information, visit www.dubinclark.com.
About SmartSource Rentals
SmartSource® Rentals is the trusted expert in technology solutions for businesses and events and maintains the largest national footprint in the computer and audio-visual rental space. SmartSource is widely recognized for its breadth and depth of offerings and seamless systems integration for even the most complex temporary installations. By leveraging high performance IT, AV, and the latest interactive technologies, SmartSource solutions help marketers effectively convey and distill their brand messages. SmartSource has fully-staffed and equipped branch offices in 20 major metropolitan markets. Founded in 1984 as Rent-a-PC, the company was the pioneer market maker in technology rentals. For more information, visit www.smartsourcerentals.com.
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