Business Services Industry
Logicalis acquisition to add $100M in revenue.(Avnet Partner Solutions from Hewlett-Packard Co.)
Crain's Detroit Business, December, 2005 by Dietderich, Andrew
Byline: Andrew Dietderich Bloomfield Hills-based Logicalis Inc. expects annual revenue to be $450 million starting in 2006 after acquiring the Hewlett-Packard enterprise-reseller business from Phoenix, Ariz.-based Avnet Partner Solutions. The acquisition is expected to add about 700 business customers and $100 million in annual revenue for Logicalis, the companies said.
Similar acquisitions are expected as the company has targeted revenue of $700 million in 2007. The deal was announced Monday. Terms were not disclosed; however, Logicalis said on Sept. 15 that it had secured a $50 million line of credit from London-based HSBC Holdings plc to fund acquisitions in the U.S. and Europe. Logicalis spent $24.2 million in six months through September to acquire...
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