Avnet Inc (NYSE:AVT), a distributor of electronic components and computer products, said on Monday that it has agreed to acquire substantially all the assets of Nexicore Services LLC and its parent company Hartford Computer Group Inc.
Financial terms were not disclosed.
Nexicore provides repair and installation services in North America for consumer electronics and computers, operating in three complementary business lines of depot repair, onsite repair & installation and parts distribution. The company voluntarily entered into Chapter 11 bankruptcy proceedings on Monday.
Following the acquisition, which is subject to Bankruptcy Court approval, the Nexicore business will become part of Avnet Integrated Resources, which provides reverse logistics and after-market services to the technology industry. Nexicore’s approximately 500 employees will be offered positions with Avnet Integrated Resources.
The sale is expected to be completed within 120 days.