Avnet, Inc. (NYSE: AVT), Phoenix, AZ, acquired Canvas Systems, Norcross, GA, from Platinum Equity. Canvas Systems is an independent supplier of IT hardware and services with operating units in the U.S., the U.K. and the Netherlands.
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\”The acquisition of Canvas Systems enhances our IT lifecycle management services capabilities and supports our strategy to deliver best in class solutions that help our business partners consistently achieve profitable growth,\” said Jeff Bawol, president, Avnet Technology Solutions, Americas.
Canvas Systems generated revenue of $122 million in the 2011 calendar year. The company will be integrated into Avnet Technology Solutions.
This transaction is expected to be immediately accretive to earnings and supports Avnet’s long-term return on capital goal of 12.5 percent.