CICERO, N.Y. — WYNIT Distribution, LLC of Cicero today announced the completion of its acquisition of Navarre, the retail-distribution business of Richardson, Texas–based Speed Commerce, Inc. (NASDAQ: SPDC).
WYNIT acquired Navarre for $15 million in an all-cash transaction, according to a Speed Commerce filing dated July 9 with the U.S. Securities and Exchange Commission.
WYNIT Distribution is a distributor of products in the consumer electronics, photo, wide-format printing, security, and outdoor industries.
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In its news release, WYNIT describes Eden Prairie, Minn.–based Navarre as “a leader in the distribution industry since 1983.”
Navarre supports the largest retailers in the U.S. and Canada with consumer electronics and software products from some of the world’s “most recognized brands,” WYNIT said in the news release.
As part of this transaction, Navarre will operate as a strategic business unit out of its headquarters in Minnesota.
Navarre’s sales and logistics organizations will work with WYNIT’s team to identify new opportunities, create efficiencies, and fuel accelerated growth for both companies in the U.S. and Canada, WYNIT said.
The local company is “very excited” about the opportunities this acquisition will create for WYNIT and Navarre, Pete Richichi, COO of WYNIT Distribution, said in the news release.
“Our individual strengths in different areas of the distribution business make this partnership a perfect fit. As an organization we are also looking forward to developing and growing our business in Canada by building on Navarre’s existing partnerships,” said Richichi.
The WYNIT acquisition is “the best fit we could have hoped for,” Ward Thomas, executive vice president of the Navarre Division, said in the news release.
“We are excited to be part of the WYNIT team and leveraging their experience and resources to better serve our customers in the national-retail channel,” said Thomas.
Besides its headquarters in Cicero, the company serves customers that range from large national retailers to independent resellers through business units and “strategically located” distribution facilities in Memphis, Tenn. and Reno, Nev.
WYNIT Distribution, LLC started operations in 1987, according to its news release.
Speed Commerce, Inc. describes itself as “a single-source provider of e-commerce service solutions to leading retailers and manufacturers,” according to the WYNIT news release.
Services include e-commerce-platform development; hosting, managed, and marketing services; order and inventory management; pick, pack & ship; returns processing; and 24/7 customer care, according to the description.
Contact Reinhardt at ereinhardt@cnybj.com
