Massachusetts-based employee-owned Sager to become wholly owned subsidiary of Texas-based TTI
TTI Inc. announced this week that it will purchase Massachusetts-based electronic components distributor Sager Electronics. The deal is expected to close by April 2 and will make Sager a wholly owned subsidiary of Fort Worth, Texas-based TTI. Terms of the deal were not disclosed.
TTI is a Berkshire Hathaway company, and together with its Mouser Electronics subsidiary employs more than 3,500 people at more than 100 locations throughout North America, Europe and Asia. TTI specializes in passive, interconnect, electromechanical and discrete semiconductor components. The Sager Electronics acquisition will expand TTI’s electromechanical business, according to a TTI spokesperson.
Employee-owned Sager Electronics is more than 100 years old and today serves customers nationwide from its Massachusetts warehouse as well as logistics locations in California, Texas and Wisconsin. Sager president Frank Flynn will continue in his current position, leading the TTI and Sager post-acquisition teams, according to a TTI statement announcing the deal. Flynn will report to TTI’s CEO Paul Andrews.
Sager Electronics’ CEO Raymond Norton will remain with Sager in an advisory role for an unspecified period of time following the close of the deal.
“Sager Electronics has a long history of success achieved in large part through their commitment to quality, customer service and outstanding employees—the same values that have made TTI the world’s largest specialty electronic distributor,” Andrews said in announcing the deal. “We welcome the fine family of people at Sager Electronics to the TTI and Berkshire Hathaway family.”
“Becoming a part of TTI, Inc. and Berkshire Hathaway is a very exciting opportunity for our entire organization,” added Flynn. “It is our belief that the culture and environment at TTI best emulates our own values. TTI’s approach to business is very much aligned with ours, ensuring Sager customers will continue to receive a consistent level of service. To be included among the quality leadership of TTI and Berkshire is an honor.”
No reductions in headcount or locations are expected as a result of the deal, the TTI spokesperson said.