--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 /PRNewswire/ -- 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.
About ANOVO
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.
Cautionary Statement for the Purpose of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995
The matters in this press release that are forward-looking
statements, including statements relating to the expected benefits
of the acquisition and the financial performance of the combined
company, are based on current management expectations. Certain
risks may cause such expectations to not be achieved and, in turn,
may have a material adverse effect on Ingram Micro's business,
financial condition and results of operations. Ingram Micro
disclaims any duty to update any forward-looking statements.
Important risk factors that could cause actual results to differ
materially from those discussed in the forward-looking statements
include our ability to timely complete the transaction, if
at all; our ability to complete the transaction considering the
various closing conditions, including those conditions related to
regulatory approval; the financial performance of ANOVO and Ingram
Micro through the completion of the merger; ANOVO's business may
not perform as expected due to transaction-related uncertainty or
other factors; the ability of ANOVO and Ingram Micro to retain
relationships with customers; management's ability to execute its
plans, strategies and objectives for future operations; and our
ability to achieve the expected benefits of the
transaction.
Ingram Micro has instituted in the past and continues to
institute changes to its strategies, operations and processes to
address these risk factors and seek to mitigate their impact on
Ingram Micro's results of operations and financial condition.
However, no assurances can be given that Ingram Micro will be
successful in these efforts. For a further discussion of
significant factors to consider in connection with forward-looking
statements concerning Ingram Micro, reference is made to Item 1A
Risk Factors of Ingram Micro's Annual Report on Form 10-K for the
fiscal year ended Dec. 28,
2013; other risks or uncertainties may be detailed
from time to time in Ingram Micro's future SEC filings.
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