PRESS RELEASE – PHOENIX – September 30, 2015 – Avnet, Inc. (NYSE: AVT) announced today that it has signed an agreement to acquire Orchestra Service GmbH (Orchestra), a specialist German IT distributor of innovative storage solutions and services around EMC products. Headquartered in Munich, Germany, Orchestra has developed strong storage-centric expertise to help its customers grow and take advantage of the many opportunities that exist today as well as position itself for market growth in areas such as cloud computing, big data and information management. The transaction, which is subject to normal regulatory approvals, is expected to close within 30 days.
Graeme Watt, president, Avnet Technology Solutions EMEA, commented, “This acquisition presents meaningful opportunities for both Avnet and Orchestra to leverage our strengths and accelerate growth. Together we are able to scale Orchestra’s unique value propositions across EMEA – something we could not have done as separate companies. Orchestra is a strong fit to our converged infrastructure solutions strategy and positions us well for growth in the third platform and the Internet of Things. This acquisition is very complementary to our existing solutions portfolio in Germany and across EMEA. “
Founded in 1998, Orchestra is a leading value-added distributor in Germany focused on backup and recovery, archiving, high availability replication and storage. Orchestra generated revenue of approximately US$95 million in the 2014 calendar year, and will be integrated into Avnet Technology Solutions’ EMEA business.
Roman Rudolf, vice president for Avnet’s Central Region, commented, “Orchestra strengthens our value add and solutions focus as well as increases scale in an important market for us. The very talented team at Orchestra are experts in their field and we welcome them into the Avnet organization. Our companies are very well-aligned, both culturally and strategically, and the opportunities we open up through this acquisition will enable us to accelerate the success of our partners across the region.”
This acquisition is expected to be immediately accretive to earnings and achieve Avnet’s return on capital goal of 12.5%.
From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT), accelerates the success of customers who build, sell and use technology globally by providing them with a comprehensive portfolio of innovative products, services and solutions. Avnet is a Fortune 500 company with revenues of $27.9 billion for the fiscal year 2015. For more information, visit www.avnet.com or contact us at email@example.com.