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Brightpoint bags Hugh Symons

by Stuart Wilson, Wednesday 30 April 2008

NASDAQ-quoted wireless device distributor Brightpoint has gobbled up Hugh Symons UK-based wireless distribution business. Brightpoint has paid US$586,000 for Hugh Symons plus the value of inventory at the date of closing. Brightpoint has also put in place a three-year earn out agreement worth a maximum of US$7.2m.

“The acquisition will strengthen our position in Europe," said Steen F. Pedersen, president at Brightpoint Europe. "We have been looking for an opportunity to enter the UK market for the past few years. We believe that we have found the right opportunity.”

“Hugh Symons Group has been developing the smart phone market in UK, which is an important element of our growth strategy. Additionally, we want Hugh Roper and his team to further expand the business with other Brightpoint models like the customised logistic services model,” Pedersen added.

Roper and other key former members of Hugh Symons’ wireless distribution business will join Brightpoint Great Britain and will continue to be involved with the management and operation of the business.

"I believe that the ownership of Brightpoint gives us huge opportunities in UK," said Hugh Roper, managing director and sole-shareholder at Hugh Symons Group. "I am convinced that our UK team together with the knowledge and competences from Brightpoint will be a powerful platform for further development of the business. I am looking forward to develop Brightpoint Great Britain Ltd. into a full-blown value adding distributor and logistic provider."

Brightpoint is a global leader in the distribution of wireless devices and in providing customised logistic services to the wireless industry. In 2007, Brightpoint handled approximately 83 million wireless devices globally. Brightpoint’s services include distribution, channel development, fulfilment, product customisation, e-business solutions and other outsourced services.

The company has approximately 3,300 employees in more than 25 countries. In 2007 Brightpoint generated revenue of US$4.3 billion and profits of US$47.4m.

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