Synovos business will continue to remain under the Synovos brand and will be led by Synovos President and CEO Carlos Tellez. “We’re joining a very highly respected organization that has a strong presence across the world and sees the value of teaming up for our collective expertise and reach within the global market,” Tellez says.
Electrocomponents CEO Lindsley Ruth says that the agreement with Synovos will give the newly combined organization an even stronger position with global clients in a range of industries, including life sciences, consumer health, chemicals and more. “Synovos is an exceptional business aligned to our strategy of selectively adding high-quality acquisitions to the Group,” Ruth says. “This agreement enables us to expand our value-added solutions globally, significantly enhancing our proposition for corporate customers. It will increase our ability to support clients in managing their procurement, inventory and maintenance needs globally.”
Synovos employs around 600 professionals at more than 200 locations throughout North America. It manages approximately $500 million of MRO procurement spend for clients in a wide range of industries. Its technology-driven integrated supply model consolidates indirect procurement spend for a blue-chip customer base, with roughly 90% of revenues coming from American-based clients. Synovos is expected to finish 2020 with around $90 million in revenues, according to the company.
Electrocomponents plc is a global omni-channel partner for industrial customers and suppliers who are involved in designing, building, or maintaining industrial equipment and facilities. The company stocks more than 500,000 industrial and electronic products sourced from more than 2,500 leading suppliers. With operations in 32 countries, Electrocomponents trades through multiple channels and ships more than 50,000 parcels a day to 1 million-plus clients worldwide.