TTI Enters Purchase Agreement to Acquire SMD Inc.
Fort Worth, TX – TTI, Inc., an indirect, wholly owned subsidiary of Berkshire Hathaway, today announced that it has entered into a purchase agreement to acquire SMD Inc., a privately held electronic component distributor headquartered in Irvine, California. Upon completion of the transaction, SMD President/Owner Rich Unruh will continue to lead the company, reporting to Don Akery, President, TTI Americas.
SMD Inc. is a specialty, authorized distributor of electronic and electrical components, services, and logistic solutions in North America. Mr. Akery said of the acquisition, “the specialized nature of SMD’s business and their dedication to product knowledge and customer support make the company a perfect fit for the TTI Family of Specialists. I look forward to welcoming Rich and his team of Specialists to the TTI and Berkshire Hathaway family.”
Rich Unruh added, “while building our business over the last 30 years has been exciting, the most rewarding aspect has been nurturing a knowledgeable, helpful and customer focused culture. Our team of dedicated Specialists are looking forward to joining the dedicated Specialists of TTI.”
The acquisition is subject to the applicable waiting period and customary closing conditions, including regulatory approvals. The transaction is expected to close by January 1, 2022.