Fort Worth, Texas – March 19, 2012 –TTI, Inc., an indirect wholly owned subsidiary of Berkshire Hathaway, today announced that it has entered into a purchase agreement to acquire Sager Electronics, a privately held electronic component distributor headquartered in Middleborough, Massachusetts.
Upon completion of the acquisition, Sager Electronics will operate as a wholly owned subsidiary of TTI, Inc. for the foreseeable future. Frank Flynn will remain as President of Sager Electronics and will lead the combined TTI and Sager post acquisition teams. In this position Mr. Flynn will report to Mr. Paul Andrews, Chief Executive Officer, TTI, Inc. Upon the close of the transaction, Raymond Norton, current CEO Sager Electronics, will remain with Sager in an advisory capacity for a period of time. The acquisition is subject to the applicable waiting period and customary closing conditions, including regulatory approvals. The transaction is expected to close by April 2, 2012.
Paul Andrews, TTI's founder and Chief Executive Officer, stated “Sager Electronics has a long history of success achieved in large part through their commitment to quality, customer service and outstanding employees – the same values that have made TTI the world's largest specialty electronic distributor. We welcome the fine family of people at Sager Electronics to the TTI and Berkshire Hathaway family.”
Frank Flynn added, “Becoming a part of TTI, Inc. and Berkshire Hathaway is a very exciting opportunity for our entire organization. It is our belief that the culture and environment at TTI, Inc. best emulates our own values. TTI's approach to business is very much aligned with ours ensuring Sager customers will continue to receive a consistent level of service. To be included among the quality leadership of TTI and Berkshire is an honor.” With a history that now spans 125 years, Sager Electronics is the industry's leading, privately held, employee-owned distributor of electronic components.
www.ttiinc.com
www.sager.com
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