Cleveland, OH -- June 13, 2007. The investment bank of Vetus Partners announced today that its client, DBL Distributing, Inc. ("DBL"), signed a definitive agreement to be acquired by Ingram Micro, Inc. [NYSE:IM], the world's largest technology distributor and ranked No. 70 on the 2007 Fortune 500 list of companies. DBL is one of the nation's largest wholesale distributors of consumer electronics accessories, generating more than $300 million in annual revenues. The transaction is expected to close within 30 days, subject to customary closing conditions. The agreement calls for a purchase price of $96 million, subject to final working capital adjustments, and is expected to be nominally accretive to Ingram Micro's earnings per share in 2007. Vetus Partners served as exclusive financial advisor to DBL for the transaction.
DBL Distributing, based in Scottsdale, Ariz., serves more than 30,000 retail customers nationwide with the industry's most comprehensive mix of consumer electronics ("CE") accessories and related products. The company's latest catalog, the market's largest at more than 1,100 pages, incorporates over 17,000 products from nearly 400 manufacturers. DBL has recorded double-digit growth for 18 consecutive years. In 2006, with over 350 employees, DBL was recognized as the 15th largest privately held and the 13th fastest growing company in the state of Arizona.
David Lorsch, President and CEO of DBL Distributing, said, "DBL will benefit significantly as a wholly owned subsidiary of Ingram Micro as it gains instant visibility and access to vendors and customers worldwide. In addition, DBL can leverage Ingram Micro's availability of capital and world class logistics resources to equip its infrastructure to continue DBL's legacy of growth."
"The acquisition of DBL fortifies Ingram Micro's CE market presence and is in alignment with their overall growth strategy to continue investing in technologies that they believe will offer higher growth and value-add opportunities," stated Jay Greyson, Managing Director of Vetus Partners.
"Ultimately, this merger most benefits vendors and customers in the CE space since they have the convenience of making a one-stop shop with Ingram Micro for their CE needs," said Keith Bradley, President, Ingram Micro North America.
Referring to his advisory team, Mr. Lorsch added, "DBL engaged Vetus as its exclusive financial advisor based on Vetus' unparalleled experience in wholesale distribution, its deep understanding of the consumer electronics markets, and experience with cataloguers and e-tailers. Vetus' team skillfully executed an M&A process that maximized value while being sensitive to my needs as owner and CEO. I can't imagine going through a sale process without such exceptional guidance and advice."
DBL Distributing will operate as a wholly owned subsidiary of Ingram Micro, Inc. Greenberg Traurig, LLP served as counsel to DBL Distributing.
About Vetus Partners
The investment banking firm of Vetus Partners helps private and public companies maximize the value of their businesses by providing a comprehensive array of financial advisory services relating to sell-side M&A, debt and equity placements, corporate divestitures, and management buyouts. Vetus' investment bankers have served as financial advisors in a broad range of transactions, both domestic and cross-border, with an aggregate dollar volume exceeding $2 billion. Over the past decade, the Principals of Vetus have represented more than two dozen distribution companies and private equity clients seeking to invest in distribution companies. For more information, visit Vetus Partners' website at www.VetusPartners.com.
About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics services, technical support, financial services, and product aggregation and distribution. The company serves more than 150 countries and is the only global broad line IT distributor with operations in Asia. Visit www.ingrammicro.com.
About DBL Distributing Inc.
DBL Distributing, Inc. is one of the nation's top distributors of consumer electronics accessories and related products, with more than 30,000 retail customers nationwide. Headquartered in a custom-built 144,000 square foot facility in Scottsdale, Arizona, DBL carries more than 17,000 products from nearly 400 quality manufacturers. DBL offers same-day shipping for orders placed by 5:00 p.m. MST, a best price for 1 or 100 piece policy and has a "no minimum" order policy. DBL's business strategy proves that customers come first. For more information please visit www.dbldistributing.com, or call (800) 733-6766.