Platinum Equity completes $7.2bn acquisition of Ingram Micro
CEO Alain Monié: 'Platinum shares our vision for Ingram Micro'
Platinum Equity has completed its $7.2bn acquisition of distributor Ingram Micro from HNA Group.
The deal was first announced in December last year following HNA's decision to reduce some of its debts, having first bought the firm back in 2016.
Ingram Micro turned over $49bn in revenue for fiscal year 2020, making it the world's largest technology distributor, though the merger between Tech Data and Synnex is set to see it overtake its rival.
"As the largest technology distributor in the world, Ingram Micro plays a vital role helping companies innovate and adapt, which is especially important now as we continue to emerge from the pandemic," said Platinum Equity chairman and CEO Tom Gores.
"Corporate IT priorities are shifting, ecommerce is thriving, and the pace of digitisation continues to accelerate, which makes the technology products, services and advanced solutions the company provides more important than ever.
"We are excited to put our resources and experience to work helping Ingram Micro navigate these especially fluid times."
The company serves more than 170,000 customers and partners with over 1,600 vendors while employing 35,000 staff across 60 different countries.
Alain Monié will continue to lead Ingram Micro as chief executive officer, supported by his leadership team, and the company will continue to be headquartered in Irvine, California.
"We are proud to join Platinum's global portfolio of industry leading companies and are excited to begin our future with a prominent, US-based partner with the desire and substantial resources to accelerate our innovation and our vendor and customer services and solutions strategies on a worldwide basis," said Monié. "
"Platinum shares our vision for Ingram Micro and is dedicated to us continuing to develop and offer innovative solutions across the IT ecosystem, while providing a superior experience for our customer and vendor partners and a work environment where our associates can thrive."