Feeds

Management buys CHS Europe for peanuts

...and a lot of hard work

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

A new distributor is born in Europe - and it starts on day one as Europe's fourth biggest. Called Europa.IT, it has sprung into life with the takeover of the former subsidiaries of CHS in Europe.

Headquartered in London, Europa.IT has bought the subsidiaries from CHS Electronics, the Miami company which is in liquidation under Chapter 11.

The subs which had sales of $1.8 billion in 1999 have been bought for $1.1 million cash, $35 million in four year notes and 35 per cent of the shares of Europa.IT. Management, who include former Metrologie UK boss Robert Mountain, hold 65 per cent of the company.

Europa.IT kicks off with operations in nine European countries: France, Portugal, Norway, Sweden, Denmark, Russia, Slovakia, Croatia, and Czech Republic. A 49 per cent interest in a 10th European subsidiary, Kventa (Hungary), is expected to close within 30
days.

Europa.IT has also acquired CHS-owned Karma International, which has a legal claim against several of its former subsidiaries. And it has the right to purchase the Baltic subsidiaries of CHS if a sale to a third party is "not completed within 30 days".

Mark Keough, President and CEO of Europa.IT, said: "The closing of this transaction marks the end of an arduous year-long effort to rescue valuable distribution businesses from the financial distress that engulfed CHS Electronics, the parent company.

"Following the court decision in July to sell these businesses to us, the entire management team has worked night and day to get back to normal trading. We have made tremendous progress in this regard over the past several weeks and are confident about the future."

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

Free virtual appliance for wire data analytics
The ExtraHop Discovery Edition is a free virtual appliance will help you to discover the performance of your applications across the network, web, VDI, database, and storage tiers.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
The total economic impact of Druva inSync
Examining the ROI enterprises may realize by implementing inSync, as they look to improve backup and recovery of endpoint data in a cost-effective manner.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.