TTI announces purchase agreement to acquire Sager Electronics
Upon completion of the acquisition, Sager Electronics will operate as a wholly owned subsidiary of TTI, Inc. for the foreseeable future. Frank Flynn will remain as President of Sager Electronics and will lead the combined TTI and Sager post-acquisition teams. In this position, Mr. Flynn will report to Mr. Paul Andrews, Chief Executive Officer, TTI Inc. Upon the close of the transaction, Raymond Norton, current CEO Sager Electronics, will remain with Sager in an advisory capacity for a period of time. The acquisition is subject to the applicable waiting period and customary closing conditions, including regulatory approvals. The transaction is expected to close by
April 2, 2012.
Paul Andrews, TTIs founder and Chief Executive Officer, stated "Sager Electronics has a long history of success achieved in large part through their commitment to quality, customer service and outstanding employees – the same values that have made TTI the worlds largest specialty electronic distributor. We welcome the fine family of people at Sager Electronics to the TTI and Berkshire Hathaway family."
Frank Flynn added, "Becoming a part of TTI, Inc. and Berkshire Hathaway is a very exciting opportunity for our entire organization. It is our belief that the culture and environment at TTI best emulates our own values. TTIs approach to business is very much aligned with ours; ensuring Sager customers will continue to receive a consistent level of service. To be included among the quality leadership of TTI and Berkshire is an honor." With a history that now spans 125 years, Sager Electronics is the industrys leading, privately held, employee-owned distributor of electronic components.
For more information about TTI, visit www.ttiinc.com.
For more information about Sager, visit www.sager.com.