Platinum Equity Sells IT Portfolio CompanyTuesday, January 31, 2012
Beverly Hills private equity firm Platinum Equity has sold one of its portfolio companies, Canvas Systems, a Georgia supplier of information technology services and refurbished hardware.
Canvas Systems, based in the Atlanta suburb of Norcross, on Tuesday said that it was sold to electronics distributor Avnet Inc., a Phoenix company that is considered one of the largest distributors of electronic components and computer products. Avnet has customers in more than 70 countries.
Financial terms were not disclosed.
Platinum Equity, controlled by billionaire Tom Gores, did not release its own statement on the deal. It had acquired Canvas Systems, which has operations in the United Kingdom and the Netherlands, in April 2009.
Canvas said it generated about $122 million in revenue last year.