TTI, Inc., an indirect, wholly owned subsidiary of Berkshire Hathaway, today announced that it has entered into a letter of intent to acquire RFMW Ltd., a privately held, specialty distributor headquartered in Silicon Valley, California.
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.
Michael Knight, SVP, TTI Business Development and TSG President, said of the acquisition, “RFMW will be an important addition to the TTI Family of Companies and our semiconductor distribution group. 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,” stated 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.”
About TTI, Inc.
TTI, Inc., a Berkshire Hathaway company, is an authorized, specialty distributor of interconnect, passive, and electromechanical (IP&E) components and the distributor of choice for industrial and consumer electronics manufacturers worldwide. Broader and deeper inventory, leading-edge products and custom supply chain solutions have established TTI as the leading specialist in electronic component distribution. Globally, TTI maintains two million cubic feet of dedicated warehouse space containing over 850,000 component part numbers. Along with its subsidiaries, Mouser Electronics, Sager Electronics, and TTI Semiconductor Group. TTI employs over 6,000 employees and is represented in over 100 locations throughout North America, Europe and Asia. For more information about TTI, visit www.ttiinc.com
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. For more information about Berkshire Hathaway, visit www.BerkshireHathaway.com
About TTI Semiconductor Group
TTI Semiconductor Group (TSG) was created to provide TTI and Sager customers a specialty semiconductor supply chain option formed in the ethical and hardworking spirit they are accustomed to from TTI and its subsidiaries. TSG joins TTI, Inc., Mouser Electronics and Sager Electronics in the TTI Family of Companies, giving purchasing communities and manufacturers a well-funded and well-known global distributor backed by the strength of Berkshire Hathaway. For more information about TTI Semiconductor Group, visit www.TTISemiconductor.com
About RFMW Ltd.
RFMW Ltd. is a specialty electronics distribution company founded in 2003, headquartered in Silicon Valley and focused exclusively on serving customers that require radio frequency and microwave components and semiconductors, as well as component engineering support. The company continues to expand its list of products from selective suppliers with RF/microwave expertise. RFMW deploys a highly experienced, technically skilled team to assist customers with component selection and fulfillment. To learn more about RFMW, visit www.rfmw.com.