© rs components Business | December 11, 2020
Electrocomponents reaches agreement to acquire Synovos
Electrocomponents says it has announced that it has reached an agreement to acquire Synovos, a player in integrated supply solutions in the Americas, for a total consideration of USD 145 million on a debt-free, cash-free basis.
The Synovos acquisition is subject to customary closing conditions, including US anti-trust, and is currently expected to complete in Q1 calendar year 2021. Electrocomponents says it has the building blocks in place and is accelerating the execution of its growth strategy from strong foundations. The acquisition of Synovos will accelerate delivery of a global integrated supply proposition and significantly strengthen the Americas business. Synovos and IESA, which the Electrocomponents acquired back in 2018, will create a global integrated supply proposition in the growing market for value-added solutions “Synovos is a very good business, aligned to our strategy of selectively adding high-quality, value-creating bolt-on acquisitions to the Group. Synovos enables us to expand our value-added solutions offer in the Americas, significantly enhancing our proposition for corporate customers. It is an excellent fit with our existing IESA business and will increase our ability to support clients in managing their procurement, inventory and maintenance needs globally, says Lindsley Ruth, Electrocomponents’ Chief Executive Officer,” in a press release. “In the past five years we have transformed Electrocomponents into a strong, focused, customer-centric organisation on a clear growth trajectory. We are now taking the business to the next level. Whilst driving organic growth will always be our primary focus, Synovos demonstrates how our disciplined approach to acquisitions can bring valuable capabilities and products into the Group,” the CEO concludes.
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