Flex Equity, a multi-family office and strategic investor in high-growth middle market businesses, has signed an agreement for the acquisition of Logical Maintenance Solutions, a partner-focused managed service provider that provides on-site maintenance and IT related services throughout the United States and Canada. The move adds to Flex Equity’s portfolio of technical support service capabilities and original equipment manufacturer relationships.
In addition to the acquisition, Flex Equity will partner with industry executive Stacey Powell, who will assume the role of chief executive officer of LMS, bringing together two women-owned organizations. Flex Equity’s ovation technical services will become the specialized services arm of LMS.
“LMS brings a well-established team, service model and growth training that will help fuel our managed IT services expansion, and kick-off an exciting new chapter for Flex Equity,” said Sameer Mittal, managing partner of Flex Equity, and chairman and president of LMS. “LMS deepens Flex Equity’s maintenance and technology service capabilities, to help meet the rapidly changing, increasingly dispersed and complex managed IT service opportunity. There is extremely strong market demand for quality, flexible service providers, and we are delighted to welcome the full LMS team to continue our growth.”
“Combining LMS and Ovation marks an exciting new step for the leadership team and I,” said Powell. “Utilizing the LMS variable workforce model to enhance our reach and ability to remain competitive for our clients, will be a huge differentiator in the value we have created for our clients,” “Working directly with Flex Equity enables us to expand career opportunities for our people, and continue to transform and scale our global managed IT service options to meet the continuously evolving needs of our customers.”
“We could not be more excited about the addition of LMS to the Flex Equity family office portfolio of companies,” said Yogesh Kumar, managing partner, Flex Equity. “As the first addition of a managed IT service provider to our portfolio, LMS is well-positioned to be a key piece of the next chapter of our portfolio’s growth and evolution. LMS’s operational excellence and experience will be invaluable as we look to grow our portfolio in the coming years.”
For more on family offices, read contributing editor Danielle Fugazy’s April cover story.