Arizona Company Buys Simi’s NexicoreTuesday, December 13, 2011
Avnet Inc., a Phoenix electronic components maker, has agreed to buy nearly all the assets of Simi Valley’s Nexicore Services LLC and its parent, Hartford Computer Group Inc.
Nexicore, which provides onsite repair and installation and parts distribution of consumer electronics products throughout North America, on Monday filed for Chapter 11 bankruptcy court protection in Chicago, and will seek court approval of its sale to Avnet.
Avnet’s Integrated Resources unit will offer positions to Nexicore's roughly 500 employees, said Nexicore, which did not say how many employees are based in Simi Valley. How many jobs at the parent company will be affected by the sale also was not disclosed.
"For the last five years, Nexicore has had strong financial performance and has operated profitably, despite being constrained by an over-leveraged capital structure,” said Nexicore Chief Executive Brian Mittman in a statement. “Upon completion of a transaction, Nexicore will become part of a much stronger and better capitalized company."
The sale is expected to be completed within four months, the company said. Financial terms were not disclosed.