anybody still around--another deal
DAYTON, Dec. 1 /PRNewswire/ -- Miami Computer Supply Corporation (Nasdaq: MCSC), a leading supplier of computer supplies and projection presentation products, today announced that it has signed a definitive merger agreement with BRITCO, Inc., a $17.0 million (annual revenues) distributor of computer supply and office automation products headquartered in Houston, Texas with additional offices in San Antonio, Baytown and Austin, Texas. The price was not disclosed. The transaction is subject to certain conditions which must be accomplished before the closing.
"This transaction offers us a substantial and exciting opportunity to expand our presence into the Texas market. BRITCO brings to the table not only its highly experienced sales force but also the expert management team of Gretchen and Charlie Ferguson, who have over 30 years of combined industry experience and will continue as executive management of BRITCO," said Albert L. Schwarz, President of Miami Computer Supply.
Michael E. Peppel, Chief Financial Officer of Miami Computer Supply added, "The BRITCO transaction adds another EPS-accretive entity to the MCSC fold. Based on our current analysis, we expect BRITCO to add 5% to our annualized earnings by first quarter 1998. Assuming that the transactions with BRITCO and Minnesota Western, previously announced, are consummated as anticipated, we will have developed from a $63 million revenue Company with 118 employees at year end 1996 to a $200 million annualized revenue run rate with 445 employees in a 12 month period. EPS accretive transactions continue to be our focus along with internal growth. Also, our people continue to differentiate our Company in the marketplace."
"This transaction creates significant advantages and opportunities for both the employees and customers of BRITCO. MCSC and BRITCO both recognize that the strength to compete effectively in this industry resides with the technical knowledge of our sales force in combination with a broad product line. This deal accomplishes both," stated Charlie Ferguson, Vice President of BRITCO.
"BRITCO's expertise and product base offers our customers a unique opportunity to position themselves with a market leader such as MCSi," stated Gretchen Ferguson, President, BRITCO. |
