SEI Macro sold to Avnet in ?37.5m deal

SEI Macro sold to Avnet in ?37.5m deal
Richard Wilson
SEI Macro Group has been sold to Avnet in a deal which values the Slough-based component distributor at almost ?40m.
Diploma plc has agreed to sell its 94 per cent shareholding in SEI Macro to the US distributor for ?37.5m. The remaining six per cent was held by SEI, the Netherlands-based electronic components distributor which Avnet is also buying in a deal announced last month.
“Once both transactions are finalised, the combined sales of these two excellent companies will propel us into a strong No. 2 position in Europe with annual sales projected to exceed $2bn,” commented Roy Vallee, Avnet’s chairman and chief executive officer.
SEI Macro MD Marianne Culver and her staff will remain with the company. Culver will report to George Smith, president of Avnet Electronics Marketing/Europe. She will also become a member of Avnet’s European management board.
According to Diploma, a reason behind the sale was a wish to reduce its dependence on the competitive and cyclical worldwide component business. SEI Macro had sales in 1998 of $200m.

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