Platinum Equity has completed the acquisition of Ingram Micro Inc. from HNA Technology Co. Ltd., a part of HNA Group, for a total enterprise value of $7.2 billion, in a transaction that includes $5.9 billion of equity value.

Ingram Micro is a provider of technology solutions and mobility, cloud, platform and supply chain solutions.

“As the largest technology distributor in the world, Ingram Micro plays a vital role helping companies innovate and adapt, which is especially important now as we continue to emerge from the pandemic,” said Platinum Equity chairman and CEO Tom Gores. “Corporate IT priorities are shifting, ecommerce is thriving, and the pace of digitization continues to accelerate, which makes the technology products, services and advanced solutions the company provides more important than ever. We are excited to put our resources and experience to work helping Ingram Micro navigate these especially fluid times.”

“For Platinum, this acquisition is the culmination of more than a decade investing in the technology and IT distribution space,” said Platinum Equity partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity’s investment in Vertiv. “We know the industry well and our team is ready to hit the ground running to support Alain and the company’s leadership group. With a strong balance sheet and access to Platinum’s financial and operational resources, Ingram Micro has a lot of attractive opportunities ahead.”

Alain Monié will continue to lead Ingram Micro as chief executive officer supported by his leadership team, and the company will continue to be headquartered in Irvine, California.

“We are proud to join Platinum’s global portfolio of industry leading companies and are excited to begin our future with a prominent, US-based partner with the desire and substantial resources to accelerate our innovation and our vendor and customer services and solutions strategies on a worldwide basis,” said Monié. “Platinum shares our vision for Ingram Micro and is dedicated to us continuing to develop and offer innovative solutions across the IT ecosystem, while providing a superior experience for our customer and vendor partners and a work environment where our associates can thrive.”

“In addition to its core distribution business, Ingram has built strong capabilities in logistics services and cloud and hybrid cloud solutions,” said Platinum Equity managing director Matt Louie. “The company has built those businesses methodically through a combination of organic and acquisitive investment. We expect to accelerate those efforts and aim for an even higher growth trajectory.”

Morgan Stanley & Co. LLC and Goldman Sachs & Co. served as financial advisors, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition of Ingram Micro. Willkie Farr & Gallagher LLP provided financing legal counsel, J.P. Morgan, Bank of America and Morgan Stanley Senior Funding Inc. provided debt financing for the acquisition.