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February 23, 1989

ELECTRON HOUSE PLC FORMS US SUBSIDIARY TO FURTHER US PROGRESS, BUYS ALMO

By CBR Staff Writer

The Bracknell, Berkshire-based distributor of electronic components, Electron House Plc, has made a big stride into the US component distribution market with the formation of Electron House Inc, a Delaware US corporation. Along with this announcement came the news that the new company has already made two acquisitions. The first acquisition is of Almo Electronics Inc, based in Philadelphia which was bought from Almo Corp for $11.15m in cash. Almo Electronics is a franchised distributor of electronic components with sales offices in Maryland, Massachusetts, New Jersey, Connecticut, and Mars, Pennsylvania. The second bid involved an incestuous deal whereby Electron House Inc bought the Californian company, Pacesetter Electronics Inc, from its British parent, Electron House Plc, for shares. Initially, Electron House Inc will act as a holding company, with Almo Electronics and Pacesetter continuing to operate as separate entities. However, both companies are expected to benefit from increased resources and the opportunity to broaden their respective product ranges, and will together enable Electronic House Inc to cover both East and West Coast markets. The new company has been financed by investors advised by the British venture capital business, ECI Ventures, as well as Electron House Plc. The president of Almo Electronics, Anthony Cucchi, has a minority stake as a director of Electron House Inc, but will retain his position at Almo. Other members of the new US company’s board are Timothy Redburn, a Director of Electron House Plc, and David Wansbrough, a partner of ECI Venture. Michael Povey will remain the president of Pacesetter Electronics, a position that he took up in June 1986, a few months after the company was acquired by Electron House Plc.

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