TTI, Inc. has entered into a letter of intent to acquire RFMW Ltd., a privately held, specialty distributor headquartered in Silicon Valley, California, the Fort Worth-based wholly-owned subsidiary of Berkshire Hathaway announced on July 31.
Upon completion of the acquisition, RFMW will continue to operate under the RFMW brand name, reporting through the TTI Semiconductor Group (TSG). Joel Levine will continue to serve as president of RFMW, and will report to TSG President, Michael Knight. Consummation of the transaction is subject to entering into a definitive agreement regarding the transaction and to the satisfaction or waiver of the conditions to closing to be specified in such definitive agreement. The transaction is expected to close October 1, 2018.
“RFMW will be an important addition to the TTI family of companies and our semiconductor distribution group,” said Michael Knight, SVP, TTI Business Development and TSG President. “The company culture, focus, and reputation for superior customer service and technical expertise complement TTI extremely well and are a perfect fit for our specialty distribution model. On behalf of our founder and CEO Paul Andrews, we look forward to welcoming the Specialists at RFMW to the TTI and Berkshire Hathaway family.”
“Opportunities like this are rare,” said Joel Levine, RFMW president and a company founder. “TTI’s specialist vision aligns perfectly with RFMW and represents the best possible scenario by allowing RFMW to focus on radio frequency and microwave products and technology. Joining the TTI Family of Companies will allow RFMW to continue on our growth path and benefit our loyal employees who remain committed to the RFMW specialization strategy, world-class suppliers, and focused customer base. TTI’s investment in our future will support the next generation as we add resources, extend our reach and increase our capabilities for both suppliers and customers.”
Earlier in July, TTI announced the acquisition of privately held Compona AG of Switzerland and the company’s German subsidiary Cosy Electronics GmbH.