We are pleased to announce that Argosy Private Equity exited its investment in Library Systems & Services, LLC.
Located in Rockville, Maryland with an additional corporate location in Riverside, California, LS&S is an outsourced public services provider to public and government libraries throughout the United States. LS&S helps communities and institutions improve their library operations and customer service, accomplish more with their library budget, identify and secure additional grants, leverage library automation and technology and create library programs specific to the needs of the local community.
Argosy acquired LS&S in January 2015 and immediately following the acquisition, Argosy began to implement its Value Acceleration Methodology ("VAM"). Over the course of Argosy's hold, LS&S focused on strategic planning and operational improvements, which included top grading the management team with a new CEO, and other crucial management positions as well as continuing to build out its service offerings and execute on geographic expansion plans. These VAMTM initiatives enabled management to focus on expanding its services to new libraries and communities as well as the development of LibraryIQ, the Company's in-house developed, proprietary analytics offering.
"LS&S is a remarkable company with an amazing team. It provides essential library services to strengthen communities. The Company is a true double bottom line business. During our investment period and through Argosy's VAM, we strengthened its management team, upgraded its business systems, built out a world-class marketing group, reengineered the sales process and developed exciting new products to make libraries more efficient and effective. Many thought ‘Why invest in libraries? Aren't libraries going away?' We believe that libraries are more important than ever to communities and LS&S managed libraries consistently perform better. We at Argosy are proud of the work done to help make LS&S what it is today and its ability to better serve its communities," said Don Charlton, Partner, Argosy Private Equity.
"Argosy has been a trusted advisor and partner to the LS&S leadership team. The counsel and strategic guidance provided by Don Charlton, Deal/Operating Partner, was integral to the evolution and performance of the business. Argosy's VAM tools improved our ability to grow the business. The success of our exit was amplified by Argosy Private Equity," said Todd Frager, CEO, LS&S.