Argosy Invests in Library Systems & Services, LLC
On January 26, 2015, Argosy acquired a controlling ownership interest in Library Systems & Services, LLC. LSSI is an outsourced public services provider to public and government libraries throughout the United States. LSSI 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. LSSI currently provides services to 20 library systems encompassing 84 facilities in six states. The Company is headquartered in Germantown, Maryland with an additional corporate office in Riverside, California.
LSSI operates nationwide and pioneered the concept of outsourced public library services more than 17 years ago. Since that time the Company has steadily grown as it educates the marketplace on the improved service levels and lower costs provided by its business model. Within the Company’s target market of library systems it has less than a 5% total market penetration.
The current management team, led by Ron Dubberly, CEO, will continue to manage the business. Argosy believes the Company presents an excellent opportunity to implement Argosy’s VAMTM (Value Accelerator Methodology which focuses on strategic planning and operational improvements). Don Charlton, one of Argosy’s internal Operating Partners, led the deal team and will be the Chairman of the Board of Directors.