Avnet, Inc. (NYSE: AVT), Phoenix, AZ, No. 1 on the list of top electronics distributors, has agreed to acquire two companies and their subsidiaries. The companies will join Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry.
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Avnet will acquire the assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services LLC, Simi Valley, CA. Nexicore voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Chicago and will seek Bankruptcy Court approval of the asset sale to Avnet. The sale will be conducted under Section 363 of the U.S. Bankruptcy Code and is expected to be completed in 120 days or less.
Nexicore provides repair and installation services in North America for consumer electronics and computers.
\”With this acquisition, we will continue to build our capabilities in the after-market services business as we deliver on our strategy to expand into adjacent businesses,\” said Steve Church, president, Avnet Integrated Resources.
Avnet also agreed to purchase Round2 Technologies, Inc. and its subsidiary ROUND2 INC, Austin, TX. ROUND2 is a national provider of integrated and customizable recycling services. For the calendar year 2010, ROUND2 had sales of $40 million.
