CO Firm Buys St. Paul-based Asset Recovery Corp.
Englewood, Colorado-based Arrow Electronics, Inc., announced Monday that it has acquired Asset Recovery Corporation, an electronics asset disposition (EAD) services provider based in St. Paul.
Terms of the acquisition were not disclosed. Arrow Electronics said that the acquisition increases its presence in high-margin EAD markets.
Asset Recovery has approximately 95 employees and offers an array of EAD services, including data removal, data security, refurbishment, and remarketing of electronic assets. The company serves customers in the retail, manufacturing, health care, finance, and transportation industries, and its 2012 sales are expected to total approximately $20 million, according to Arrow Electronics.
“We are excited to welcome the Asset Recovery team into the Arrow family,” Paul J. Reilly, Arrow Electronics' executive vice president for finance and operations and chief financial officer, said in a statement. “This acquisition strengthens our industry-leading services portfolio and strategically expands our customer base in North America.”
Arrow Electronics spokeswoman Dawn Small told Twin Cities Business that Asset Recovery will retain its name “for the immediate future” until it is fully integrated into Arrow Electronics. She added that no jobs were lost as a result of the acquisition.
Arrow Electronics is an electronics distribution company that has offices around the globe, including one in Eden Prairie. It is a public company trading on the New York Stock Exchange under the symbol ARW; its 2011 sales totaled $21.4 billion.