EC News DeskPlatinum Equity has announced that it has entered into a definitive agreement to acquire Ingram Micro from HNA Technology, a part of HNA Group, in a transaction valued at $7.2 billion. The sale is expected to be completed by the first half of 2021, subject to HNA Technology shareholder and customary regulatory approvals. Founded in 1979 and headquartered in Irvine, California, Ingram Micro is an integral part of the technology and commerce ecosystems, helping its partners maximise the value of the technology that they make, sell or use. The company generated more than $47 billion in revenue for fiscal year 2019.
With more than 35,000 employees and operations in 60 countries, the company serves more than 250,000 customers and partners with over 2,000 vendors, including the world’s best-known technology companies. Through its vast global infrastructure and focus on cloud, mobility, technology lifecycle, supply chain and technology solutions, Ingram Micro enables business partners to operate more efficiently and successfully in the markets they serve.
Upon closing, Alain Monié will continue to lead Ingram Micro as Chief Executive Officer, and the company will continue to be headquartered in Irvine, California.
“Platinum’s sector expertise, global operating capabilities and financial resources make it the ideal partner,” said Monié. “Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. We will also be able to broaden our geographic reach even faster, while penetrating new industries and verticals. We will maintain a strong balance sheet and will gain additional flexibility and resources to execute on our long-term strategic objectives. HNA has been a good partner for Ingram Micro, enabling us to continue to innovate and expand our global businesses. We look forward to the opportunity to accelerate this trajectory with Platinum.”
“Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio,” said Platinum Equity Chairman and CEO Tom Gores. “We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”
“We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade,” said Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity’s recent investment in Vertiv. “We have been pursuing this opportunity for a while and have been impressed by the company’s ability to thrive while continuing to navigate these fluid and challenging times. We will work closely with the Ingram Micro leadership team to sustain that momentum and build on the company’s success.”
