Avnet Acquires Assets of Nexicore Services
Apr 06, 2012 (Close-Up Media via COMTEX) --
Avnet, Inc. announced that it has completed its acquisition of substantially all of the operating assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services (Nexicore) through a Section 363 sale process in the U.S. Bankruptcy Court in Chicago.
According to a release, Nexicore, which generated revenue of approximately US$85 million in the 2011 calendar year, was a provider of repair and installation services in North America for consumer electronics and computers, operating in three complementary business lines, including depot repair, onsite repair and installation, and spare parts management.
Avnet said the acquisition is expected to be immediately accretive to earnings and supports Avnet's return on capital goals for acquisitions.
"This acquisition adds another significant building block in our strategy to offer a new aftermarket services business focused on repair, refurbishment, recycling and responsible disposition of electronic products and equipment," said Steve Church, President, Avnet Integrated Resources.
"Nexicore brings a broad range of services, most notably a technical call center, onsite and depot repair of electronic devices and equipment and parts management, to complement our service offerings," Church added.
The company said the assets acquired from Nexicore will be deployed in Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry.
Avnet is a distributors of electronic components, computer products and embedded technology serving customers in more than 70 countries worldwide.
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