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Systemax Closes USD 270m Sale of French IT Operations to Bechtle
Wednesday 05 September 2018

5 September 2018 - US-based industrial and technology products provider Systemax Inc. (NYSE: SYX) has closed the previously announced sale of its France-based IT business to Bechtle AG, the company said.

The sale was denominated on a cash-free, debt-free basis and included normalised working capital adjustments.

Total cash provided from the sale, before tax and transaction expenses but inclusive of cash on hand in France, was approximately USD 270m at current exchange rates.

With the completion of the sale, Systemax currently operates its Industrial Products Group business in North America, which is focused on industrial supplies and MRO (maintenance, repair, and operations), markets the company has served since 1949.

IPG sells private-label and brand-name industrial equipment and supplies to businesses throughout North America, primarily under the names Global Industrial in the U.S and Global Industrial CA / Avenue in Canada.

IPG offers over 1m products that are primarily sold through its websites and corporate sales force.

It is a highly successful and rapidly growing business that generated approximately USD 800m in revenue in 2017 and grew its revenue at a CAGR of 13.7% from 2012 through 2017.

Systemax, through its operating subsidiaries, is a provider of industrial products in North America, going to market through a system of branded e-commerce websites and relationship marketers. The company's primary brand is Global Industrial.
Date Published: 05/09/2018
Target: Inmac Wstore IT
Country: USA
Sector: IT/Online Services
Type: Divestment
Status: Closed
Vendor: Systemax Inc
Buyer: Bechtle AG
Terms of the deal were not disclosed