Iqor Holdings Inc. is buying the aftermarket services business of Jabil Circuit Inc. (NYSE: JBL) for $725 million.
The St. Petersburg, Fla.-based aftermarket services group provides aftermarket services to electronics manufacturers, retailers and services providers. Initially, the aftermarket services business will remain headquartered in St. Petersberg as a separate business.
The New York-based buyer provides customer care, receivables-management and outsourcing services for brands.
The deal should create a company that can handle everything from customer care to product diagnostics to repair services.
Iqor is backed by private equity firm HGGC (formerly Huntsman Gay Global Capital). Palo Alto, Calif.-based HGGC focuses on middle market investments. In December, HGGC-backed Citadel Plastics Holdings Inc. acquired Lucent Polymers Inc. In June, HGGC invested in MyWebGrocer Inc.