Member Article

Leeds components supplier announces acquisition of $13 million US firm

Leeds-based Premier Farnell plc has announced the acquistion of AVID Technologies Inc. for a cash consideration of $13 million.

Based in Twinsburg, Ohio, AVID is a privately owned engineering design services company that has expertise in a wide range of technologies, with revenue in the year ended 31 December 2013 at $8.5 million.

According to the firm the acquisition is a “key step” in Premier Farnell’s strategic development and provides its customers with new services and solutions.

Market segments served by AVID include industrial controls and automation, defense, aerospace, medical, automotive and wireless communications.

Premier Farnell CEO Laurence Bain said, “I am delighted to welcome AVID Technologies to the Premier Farnell group. This acquisition illustrates perfectly how we are evolving our global strategy to establish partnerships with customers at the earliest stage of their designs.”

Avid President Richard Benson said: “Our company’s legacy and ongoing commitment to quality, integrity and unique services has secured and grown a loyal customer base.”

“We’re excited about becoming part of the Premier Farnell family and to contribute our expertise to its customer-centric and multichannel business model.”

This was posted in Bdaily's Members' News section by Clare Burnett .