Ingram Micro Strengthens Position as Leading Global Repairs and Regeneration Services Provider with Acquisition of ANOVOMarch 2, 2015 12:02 am
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Ingram Micro Strengthens Position as Leading Global Repairs and Regeneration Services Provider with Acquisition of ANOVO
Full Suite of End-to-End Mobility Lifecycle Services Now in Even More European and Latin American Countries Positions Ingram Micro at the Center of the Global Mobility Ecosystem
SANTA ANA, Calif., March 2, 2015 – The acquisition of ANOVO by Ingram Micro Inc. (NYSE: IM) further expands its position as the leading global provider of device lifecycle services, while also strengthening the company’s relationship with many of the world’s largest mobile network operators and hardware manufacturers. ANOVO is a European based provider of repairs and regeneration solutions for high-tech products such as smartphones and set-top boxes across Europe and Latin America.
ANOVO will continue to be led by François Lacombe, reporting directly to Shailendra Gupta, president at Ingram Micro Mobility. The company is expected to contribute in excess of $300 million in annual services revenue and be modestly accretive to Ingram Micro’s 2015 full year non-GAAP diluted earnings per share.
“ANOVO significantly increases the contribution of services revenues in Europe and Latin America, while also enabling Ingram Micro to provide a complete suite of mobility lifecycle solutions in a host of new countries,” said Alain Monié, chief executive officer at Ingram Micro. “We are already positioned at the center of the global mobility ecosystem and we expect to leverage ANOVO’s core service offerings and client relationships across our global infrastructure to expand our presence in current markets and capture new market opportunities.”
With 4,200 associates across 10 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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