Avnet Abacus, an interconnect, passive, electro-mechanical and power distributor and a regional business unit of Avnet, has been appointed European distribution partner by PUI Audio, a provider of broadcast audio components. The deal extends the existing agreement between PUI and Avnet in the Americas. Avnet Abacus will provide design support to customers throughout Europe and its offices in Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Italy, the Netherlands, Norway, Poland, Russia, Slovenia, Spain, Sweden, Switzerland, Turkey and the United Kingdom on PUI Audio's range of acoustic audio devices, including the vendor's new Audio Sound eXciters, Slim-Line Micro Speakers and forthcoming Piezoelectric MEMS Microphones.
PUI Audio's new line of Sound eXciters transforms nearly any object into an audio generating device. Instead of relying on a diaphragm attached to the voice coil to generate sound, eXciters are designed to couple the voice coil directly to the inside surface of an object, transforming that object’s outer surface into an invisible, protected speaker. Without the need for mounting into an optimised enclosure or specialised chambering and venting to allow sound out, PUI Audio's eXciters can be mounted within hermetically-sealed packaging for waterproof/dustproof applications and afford more freedom for customers in outer case design. In addition, when the eXciter vibrates the surface of a product, audio is generated in a planar-wave fashion creating a more linear frequency response, meaning listeners can be positioned up to 90° off-axis of the excited surface and experience the same sound quality as a listener positioned directly in front of the excited surface. PUI Audio's Slim-Line Micro Speakers are designed for use where space is limited, such as in smartphones, tablets, laptops, as well as in wearable technology and IoT devices such as WiFi-enabled thermostats. PUI Audio will also soon offer Piezoelectric MEMS Microphones. Instead of following the design of traditional capacitive MEMS microphones, trapping air between layers, PUI Audio's piezoelectric MEMS diaphragm travels freely with sound making for improved fidelity and noise-rejection. With their IP68 rating, these new microphones are waterproof, dustproof, particle-resistant and shockproof. Also featuring a fast start-up time and low quiescent current draw, these microphones are ideal for use in nearly any application driven by voice capture and voice control.
"PUI's audio products undergo rigorous testing throughout manufacture, and customers are assured of the very highest standards of quality control across the range", commented Alan Jermyn, vice president of marketing for Avnet Abacus. "This partnership, founded on quality and service, is a key advantage for customers in Europe, with our product specialists located close by to offer design support for a range of sound requirements using PUI’s innovative audio components."
"Our experience with Avnet in the Americas has delivered excellent results, and we have every confidence in repeating this success in Europe by bringing Avnet Abacus on board as a European distribution partner", said Brian Coleman, global distribution manager at PUI. "Along with product innovation, our family business is built on superior customer service and quality. Avnet Abacus will be a great asset in ensuring that these values are met with efficiency and reliability, and with strong technical know-how, to support and help grow our customer base in Europe."
Avnet Abacus, the interconnect, passive, electro-mechanical and power BU of American distributor Avnet, has appointed Nigel Ward as president of Avnet Abacus. He replaces Graham McBeth who takes on a new role as president of Premier Farnell, a global distributor of electronic components that utilises a digital platform to provide innovators and engineers with the latest products, services and development software, and which was recently acquired by Avnet. Ward's career within Avnet spans almost three decades. Since the acquisition of Abacus in 2009, he has been at the helm of the Avnet Abacus and Avnet Silica businesses in the UK, with additional responsibility as regional vice president for Avnet Silica in Northern Europe. For the past two years, he has also headed up Avnet Silica's lighting business across EMEA, driving a significant increase in its footprint in key lighting markets. Ward's deep knowledge of the volume distribution sector, and tenured experience within Avnet, positions him well as the natural successor to lead Avnet Abacus in a dynamically changing market environment.
Miguel Fernandez, president of Avnet Electronics Marketing EMEA, said: "Nigel brings excellent leadership skills to our executive team, and is a strong motivating force within the company. His strong experience at Avnet will ensure a seamless changeover of senior management at Avnet Abacus and secure the continued high levels of service to our customers and partners achieved under Graham. We wish both Graham and Nigel every success in their new roles."
"Since the inception of Avnet Abacus in 2009, and during his time as president, Graham developed the company into one of the most well-respected IP&E business in Europe, with a solid product portfolio, strong technical skills and local support", said Ward. "We have worked closely together over the past seven years and I intend to build upon his legacy to guide our teams to continued growth and success."
Ward is succeeded in his previous role by Chris Shipway, who has been with the company for almost 20 years serving as country director and most recently as marketing director for Avnet Silica UK and Ireland.
American multispecialist Avnet has promoted Graham McBeth to the role of president of Premier Farnell. McBeth will report directly to Gerry Fay, president, global business units, Avnet. In his new role, McBeth will be responsible for the strategic direction, day-to-day operations and performance of Premier Farnell. McBeth, who most recently served as President of Avnet Abacus, the Avnet business specializing in interconnect, passive and electromechanical (IP&E) products throughout Europe, replaces Premier Farnell's interim President Steven Webb. Webb, a 16-year veteran of Premier Farnell, has played an integral role during the last several months in overseeing Premier Farnell's integration into the Avnet organization. He will remain with the company until January 31, 2017, to assist in the leadership transition. "Graham is an accomplished leader who knows how to win in the market. With his strong commitment to team building, Graham grew the Avnet Abacus division into one of the most well-respected IP&E businesses in Europe", said Fay. "His deep understanding of Avnet’s global business will enable Graham to serve as a great bridge for the Premier Farnell team, its customers and suppliers."
"Since Avnet first announced its intent to acquire Premier Farnell, I recognized what a tremendous opportunity this would be to advance Avnet’s strategy of providing customers with a differentiated digital experience throughout the entire product lifecycle", said McBeth. "This is the start of an exciting new chapter for both Avnet and Premier Farnell and I am thrilled to have the chance to help drive further success for our organization and our design and supply chain partners." A native of Scotland, McBeth is a results-oriented leader with extensive industry experience. He graduated from Glasgow University in 1984 and spent 11 years at National Semiconductor in a variety of roles, from product marketing to distribution and sales management. McBeth joined Abacus Group Plc in 1995, was appointed to the main board as technical director in 1997, and later became group managing director of Abacus with responsibility for the company's sales and marketing strategy. In 2009, following the acquisition of Abacus Group by Avnet, McBeth became president of Avnet Abacus and led the IP&E specialist to a top position in the European market.
American multispecialist Avnet has entered into an agreement to sell its Technology Solutions operating group to broadliner Tech Data in a stock and cash transaction valued at approximately €2.35b, in what is surely the IT distribution biggest merger to date. The sale of this business provides both Avnet and Tech Data with immediate opportunities to focus on core strategies and scale their respective businesses, ultimately delivering greater profitability to their shareholders.
"We believe the acquisition of Technology Solutions by Tech Data is the best decision for our employees, customers, suppliers and shareholders. This transaction presents us with the best strategic path for Avnet's future success and profitability, and puts Technology Solutions in position to achieve breakthrough business results with Tech Data", said William Amelio, CEO of Avnet. "Moving forward, Avnet will focus its resources and investments on becoming a leader in design chain and supply chain services not only for our current customers and suppliers, but also for new markets. We will drive targeted investments in embedded solutions, Internet of Things (IOT) and critical digital platforms. By investing in these high growth areas, we can expand the breadth of our portfolio and attract new customers worldwide who depend on us to deliver world-class solutions."
Avnet's Technology Solutions operating group is an IT solutions distributor focusing on the datacenter, network, storage and security markets in more than 80 countries (in Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, the Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Switzerland, Turkey and the United Kingdom for the EMEA region, which will all reinforce local TD Azlan teams, or ought to create new business, such as in Hungary, India, Romania or Turkey). It provides next generation solutions, marketing, training, resources and services that span the cloud to the data center and encompass the entire IT lifecycle. They work with value-added resellers to make it easier and more affordable to enter and excel in high-growth technology and vertical markets locally and around the world.
"We are excited to announce this transformative transaction, which creates a premier global IT distributor with the most diverse end-to-end solutions from the data center to the living room", said Bob Dutkowsky, CEO of Tech Data. "This combination complements our value-added distribution capabilities in Europe and the Americas, while establishing Tech Data's presence in Asia-Pacific, which will be a new market for us. As a result of the enhanced value proposition created through this transaction, Tech Data will be even better positioned to capture opportunities in next-generation technologies, deliver differentiated value to our customers and vendor partners, support career development for our employees, and generate strong returns for our shareholders. We believe the strategic and financial benefits resulting from this transformative combination are compelling for both our company and our stakeholders. We look forward to welcoming the Technology Solutions team to the Tech Data family and are excited about the future opportunities ahead."
Patrick Zammit, president of the Technology Solutions business, said, "Industry standardisation, innovation and converging technologies have transformed our industry. The broader portfolio created through this combination will enable both businesses to better capitalise on these trends, while also providing new opportunities for Technology Solutions to optimise and expand its offering, as well as unlock value in ways we could not historically. Given the strength of our customer and vendor relationships, our common cultures and values, as well as the skilled and engaged teams at both businesses, I am confident that this is a winning combination."
Tech Data + Technology Solutions: strong platform for growth and value creation
Terms and Financing
Under the terms of the agreement, which was approved by the boards of directors of both companies, Avnet will receive €2.15b in cash and 2.785 million shares of Tech Data common stock, currently valued at approximately €180m and representing an approximate 7% ownership position in Tech Data. Tech Data intends to finance the cash portion of the consideration through a combination of cash on hand, drawings under its existing revolver, and proceeds from a new term loan facility and senior notes, which are backstopped by fully-committed debt financing from BofA Merrill Lynch. Following the close of the transaction, Tech Data will continue to benefit from strong cash flows to support debt reduction and organic growth initiatives. Tech Data expects to maintain an investment-grade profile and to reach a target leverage ratio of approximately 2.5x total debt-to-adjusted EBITDA within 18 to 24 months. The deal is of course subject to the approval of competition authorities throughout the world.
Multispecialist Avnet has reached agreement with the Board of Directors of Premier Farnell plc (“Premier Farnell”), the maker of the Raspberry Pi, on the terms of a recommended offer for Premier Farnell by Avnet or one of its wholly-owned subsidiaries. The all-cash offer of €2.24 per share represents an equity value of approximately €836m and a 12.1% premium over the previous offer of €2 per share by Datwyler Technical Components UK. Headquartered in Leeds, United Kingdom, Premier Farnell is a global distributor of electronic components and related products delivering engineering solutions to the electronic system design community utilizing multi-channel sales and marketing resources. The transaction is intended to be effected by means of an English court-sanctioned scheme of arrangement and is subject to satisfaction or waiver of several conditions, including the approval of Premier Farnell shareholders and the court, receipt of regulatory approvals in the European Union, United States and Israel, and other customary conditions.
"This acquisition will significantly strengthen Avnet's digital footprint worldwide. The convergence of Premier Farnell's innovative online services with Avnet's world class supply chain will create customer service unparalleled in the industry", said William Amelio, interim Chief Executive Officer of Avnet. "The talented team of people at Premier Farnell will allow Avnet to enhance our customer experience and accelerate our global growth."
Upon completion, the transaction is expected to be accretive to earnings even before considering positive effects from any synergies realized, and supports Avnet's return on capital goals.
"Premier Farnell will bolster our strategy to provide a differentiated digital experience from product ideation through its lifecycle. Premier Farnell's customers gain access to an extensive suite of supply chain services allowing them to ramp new products to production volumes. Our customers will be able to do more technical research online through the services provided by Premier Farnell", said Gerry Fay, President of Avnet's Electronics Marketing, Worldwide "Bringing these two companies together allows us to capture market share earlier in the design process. In addition to deepening our customer base, this acquisition will enhance our go-to-market strategy as we target the industrial Internet of Things with edge-to-enterprise products and solutions."
Avnet Abacus Polska
Avnet Abacus Polska
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