Avnet on acquisition trail in Israel
Avnet has acquired the operating assets of the electronic components distribution business of C.R.G. Electronics.
CRG is an Israel-based distributor of PC products and electronic components. It has over 300 customers in the local networking/datacom, telecoms, defence and industrial markets.
The acquired business will become part of Avnet Israel, a business region of Avnet Electronics Marketing EMEA.
“The acquisition of CRG will strengthen our position in the design intensive Israeli high-tech market by adding complementary product lines and a highly reputable technical team,” said Patrick Zammit, president of Avnet Electronics Marketing EMEA.
For the calendar year 2011, the electronic components business of CRG had revenues of $23m.
“CRG’s technical resources and customer service commitment will help us to further enhance our strategy of providing technical support to our Israeli customers at the point of design and support them with global fulfillment capability from manufacturing ramp through end of life,” said Zammit.
The investment is expected to be immediately accretive to earnings and supports Avnet’s return on capital goal of 12.5%.