Platinum Equity announced that it has completed the acquisition process of Ingram Micro from HNA Technology, a part of HNA Group, for a total enterprise value of $7.2 billion, in a transaction that includes $5.9 billion of equity value.
“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, e-commerce 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.”
With $49 billion in revenue for fiscal year 2020, Ingram Micro is the world’s largest provider of technology solutions and mobility, cloud, platform and supply chain solutions. Founded in 1979 and headquartered in Irvine, California, Ingram Micro is an integral part of the technology and ecommerce ecosystems, helping its partners maximise the value of the technology that they make, sell or use.
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.”
Morgan Stanley & Co. LLC and Goldman Sachs & Co. served as financial advisors, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition of Ingram Micro. Willkie Farr & Gallagher LLP provided financing legal counsel, J.P. Morgan, Bank of America and Morgan Stanley Senior Funding, Inc. provided debt financing for the acquisition.
