Platinum Equity has sold Canvas Systems, a supplier of IT hardware and services, to publicly traded Avnet Inc. Terms were not released. Platinum acquired controlling interest in Canvas in 2009 from OHC. OHC retained a minority interest in Canvas, which it also sold as a part of the deal.
Platinum Equity announced today that it sold Canvas Systems to Avnet, Inc. AVT +2.41% . Canvas is an independent supplier of IT hardware and services. Terms of the transaction were not disclosed.
Platinum acquired controlling interest in Canvas in 2009 from OHC, LLC. OHC retained a minority interest in Canvas under Platinum’s ownership and has also sold its position to Avnet in connection with the transaction announced today.
“We are proud of what we accomplished at Canvas over the past three years in collaboration with the company’s management team and hard-working employees,” said Jacob Kotzubei, partner at Platinum who led the team that acquired Canvas. “The company has grown steadily under Platinum’s ownership and is operationally sound with a culture committed to delivering high levels of customer service. Canvas is well positioned to continue thriving under new ownership.”
Mr. Kotzubei said the Canvas investment was a natural fit for Platinum, given the firm’s history in the IT equipment and services industry.
“We have had a lot of success building and supporting businesses in the IT space,” explained Mr. Kotzubei. “We will continue looking for opportunities to apply our expertise and operations-focused approach.”
Platinum currently owns Pomeroy, a provider of managed IT infrastructure services, professional and staffing services, and procurement and logistics services to Fortune 500 corporations, global outsourcers and the public sector throughout the U.S., Canada and Europe. Platinum acquired Pomeroy in 2009.
About Platinum Equity Platinum Equity ( www.platinumequity.com ) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, transportation and logistics, metals services and manufacturing. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 130 acquisitions.