Italy's Esprinet expands further in S. Europe with the acquisition of the Italian, Spanish and Portuguese value-added distribution business of the Itway Group.
Founded in 1996, Itway distributes offerings in 3 market segments-- security, networking and server software-- within Italy, Spain, Portugal, Greece, Turkey and the M. East. It holds 30 brands in its Italian VAD portfolio, including the likes of Check Point, Red Hat and Extreme Networks, and 20 vendor brands in the Spanish and Portuguese branches. T
The VAD business generated overall pro-forma sales of €48.6 million in 2014 and €57.2m in 2015, and pre-tax profits of €1.7m in 2015. Esprinet says the deal should close on 30 November, and hopes it will add sales in excess of €480m for fiscal 2016. It will pay €5m in cash for Itway once the acquisition is done, with €5.8m to follow based on the meeting of economic and financial targets.
Itway is the 3rd acquisition of the Italian distributor-- in June Esprinet acquired Spain-based Vinzeo before it bought Vimercate-based neighbour EDSLan.