Ingram Micro has "made a binding offer" to acquire ANOVO, a French provider of reverse logistics and repair services for smartphones, set-tops, and other tech products in Europe and Latin America. Terms are undisclosed. The acquisition is subject to customary closing conditions, including consultation of the ANOVO works council and approval of the EU competition authorities. Both companies currently continue to operate as separate entities.
The deal is expected to close in Q1 2015, contribute $300m+/year in revenue, and be "modestly accretive" to EPS. ANOVO claims 5000 "associates" in 11 countries and in Europe works in the UK, Spain and Benelux with one office each in Germany, Poland and Switzerland. CEO Francois Lacombe will continue running the company post-acquisition.
ANOVO was formed in 1987 and employs around 330 people worldwide. It offers "integrated services in repair and refurbishment, regeneration, returns avoidance, proximity repair, and smart logistics" and has been running set-top box repairs for ZTE Livebox in Poland for the last year, and has just been named as one of the preferred suppliers for the provision of Samsung after-sales services for mobile devices in the UK.
“Our intent to acquire ANOVO is well aligned with our strategic growth initiatives to expand our services offerings globally and will greatly broaden our capabilities in the European and Latin American markets, two regions that are experiencing robust growth with the proliferation of mobile devices, accessories and wearables,” says Alain Monie, chief executive officer at Ingram Micro.