Platinum Equity seals $7.2bn Ingram Micro carve-out from China’s HNA Technology

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Buyout major Platinum Equity has sealed a $7.2bn deal to carve out Ingram Micro from HNA Technology Co.

Ingram, which provides technology logistics services, cloud, mobility, tech lifecycle and supply chain solutions, generated more than $47bn in revenue for fiscal year 2019.

Platinum chairman and CEO Tom Gores, pictured, said, “Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio.

“We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”

Platinum partner Jacob Kotzubei added, “We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade.

“We have been pursuing this opportunity for a while and have been impressed by the company’s ability to thrive while continuing to navigate these fluid and challenging times.”

Morgan Stanley & Co and Goldman Sachs are acting as financial advisors, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition.

Willkie Farr & Gallagher is providing financing legal counsel, and debt financing commitments have been obtained from JP Morgan, Bank of America and Morgan Stanley Senior Funding.

Platinum hit a $10bn hard cap close for its latest global flagship fund, Platinum Equity Capital Partners V, in January this year.

The fund, which was oversubscribed had initially targeted $8bn of capital commitments.

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