The deal is initially worth £294,000 and the value of inventory, with Brightpoint also making three subsequent yearly earn out payments totalling up to £3.6m. Hugh Symons Group managing director Hugh Roper will, along with other senior staff, remain involved in the management of the business.
Brightpoint, headquartered in Indiana, is the world's second biggest distributor and has offices in 26 countries, including 16 in Europe, but has had no presence in the UK for about nine years.
Brightpoint Europe president Steen F. Pedersen said: "The acquisition will strengthen our position in Europe. We have been looking for an opportunity to enter the UK market for the past few years. We believe that we have found the right opportunity. Hugh Symons Group has been developing the smart phone market in UK, which is an important element of our growth strategy. Additionally, we want Hugh Roper and his team to further expand the business with other Brightpoint models like the customized logistic services model."
Roper said: "I believe that the ownership of Brightpoint gives us huge opportunities in UK. I am convinced that our UK team together with the knowledge and competences from Brightpoint will be a powerful platform for further development of the business. I am looking forward to developing Brightpoint Great Britain into a full-blown value adding distributor and logistic provider. "
The deal follows the sale of the distributor's cellular distribution business to the Carphone Warehouse in December 2005 for £10m.
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