Arbitech, an independent distributor that specializes in servers, storage, networking, mobility, telephony and point-of-sale products, has been acquired in a management buyout. Financial terms were not disclosed.
Founder Torin Pavia sold the Irvine, Calif.-based technology distributor to senior management and key personnel. The buyout team includes CEO & President Frank Llaca, EVP James Whalen, and CFO David Walker, among other employees. The seeds for the deal were planted in 2012, when Arbitech pieced together a shareholder equity plan.
In a prepared statement, Llaca stated:
"We are excited by this new era in our company's journey. Our foundation has been built on talented management and industry veterans who strive for customer satisfaction and providing value through serving multiple verticals, constantly evolving product offerings, and the ability to provide complimentary services. I look forward to working with our talented owners and employees to continue to grow our business, leverage our financial resources in seeking new opportunities, and carry on the legacy of Mr. Pavia."
"Arbitech is, aside from my family, one of my proudest achievements. I have enjoyed nurturing its growth and development over the last 18 years. Like most entrepreneurs, there comes a time to step aside and allow the next generation to forge its own trail. This is the culmination of the Shareholder Equity Plan put in place in 2012. The timing of this transaction is a reflection of the extraordinary people at the company, the financial health of Arbitech, and my confidence that Arbitech will continue its success under its strong leadership. I am proud to take on the title of Chairman Emeritus and look forward to following the company's continued development and success."
Arbitech's current financials are undisclosed. The company, founded in 2000, hit $1 billion in lifetime sales back in 2009.