Tech Pacific changes hands

The top company of the DQCI Silver Club, Tech-Pacific, has changed hands with Dutch owners Hagermeyer selling off 58.5% stake to CVC Inc, retaining 31.5%. The balance 10% is with Tech Pacific management. The total consideration for 100% of the shares of the Tech Pacific Group is approximately Rs 108
crore.

CVC was originally a Citibank venture ('Citibank Venture Capital') until it was bought over by CVC management. Hagemeyer, a Dutch distribution group, acquired Tech Pacific in 1997.

The $1.7 billion Tech Pacific group, which has its beginnings in 1981 in a company called Imagineering Australia, is broad-based distributor of IT products. It operates in seven countries, including India, where it is the leading IT distribution company, and a Dataquest Top 20 IT company.

The Tech Pacific Group's Sydney-based president and CEO is Shailendra N Gupta, who was earlier head of Tech Pacific India said, "We are excited about the prospects of TP group under new ownership. Management equity participation along with availability of enabling resources will ensure Tech Pacific group´s continued success and we will continue to meet and exceed our vendors´ and customers´ expectations.

Tech Pacific India's CEO K Jaishankar, K Jaishankar, added, "This investment by CVC vindicates our position as a leading IT distribution company in the region with a high quality business and good long term prospects. At Tech Pac, our team will continue to focus on improving our value offering to our customers and vendors and consolidating our leadership position." 

The group has 1,550 employees in seven countries -- Australia, India, Singapore, China, New Zealand, Malaysia, Thailand and Philippines. It represents over 60 of the largest IT and telecommunications manufacturers in the world.

DQCI NEWS BUREAU

MUMBAI