Ingram Micro Looks to Strengthen Position as a Leading Global Provider of Device Lifecycle Services; Makes Binding Offer for the Acquisition of ANOVO
–Will Expand Ingram Micro’s Global Service Offerings and Accelerate Device Lifecycle Services into European and Latin American Markets
SANTA ANA, California, Nov. 28, 2014 – Ingram Micro Inc. (NYSE: IM) today announced that it has made a binding offer for the acquisition of ANOVO, a Paris, France based, provider of reverse logistics and repair services for high-tech products such as smartphones and set-top boxes across Europe and Latin America. Upon completion, this acquisition will further expand Ingram Micro’s position as a leading global provider of device lifecycle services, while also further strengthening the company’s relationship with many of the world’s largest telecom operators and OEMs.
Upon completion of the acquisition, which is expected in early 2015, ANOVO is anticipated to contribute in excess of $300 million in annual revenue and be modestly accretive to Ingram Micro’s non-GAAP diluted earnings per share. The acquisition is subject to customary closing conditions, including consultation of the ANOVO works council and approval of the EU competition authorities. Both companies continue to operate as separate entities. Further details were not disclosed.
“Our intent to acquire ANOVO is well aligned with our strategic growth initiatives to expand our services offerings globally and will greatly broaden our capabilities in the European and Latin American markets, two regions that are experiencing robust growth with the proliferation of mobile devices, accessories and wearables,” said Alain Monie, chief executive officer at Ingram Micro. “ANOVO’s core service offerings, infrastructure, client relationships and high-caliber management team will further strengthen Ingram Micro’s global technology lifecycle services capabilities and we believe this addition will be an excellent complement to our ongoing operations.”
“The expertise, service offerings and established relationships we’ve built with industry leading companies make this acquisition a strong fit for both ANOVO and Ingram Micro,” said Francois Lacombe, CEO of ANOVO, who will continue to lead the company and report directly to Shailendra Gupta, president at Ingram Micro Mobility. “Upon completion of the deal, I am confident ANOVO will bolster Ingram Micro’s already robust service offerings with additional geographic reach, as well as complimentary expertise in repair, refurbishment, reverse logistics and returns-avoidance solutions.
With 5,000 associates across 11 countries, ANOVO is a leading provider of reverse logistics and repair within the technology market place. ANOVO develops solutions that extend the lifecycle of high-tech products, offering a second life to more than 20 million products worldwide annually. These products include everything from smartphones to computers, touch screen tablet devices, triple play set top boxes, home gateways, game consoles, e-readers, TVs and printers. More at www.ANOVO.com.
About Ingram Micro Inc.
Ingram Micro helps businesses Realize the Promise of TechnologyTM. It delivers a full spectrum of global technology and supply chain services to businesses around the world. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables its business partners to operate efficiently and successfully in the markets they serve. More at www.ingrammicro.com.