Avnet

Avnet, Inc.

Company type	Public
Industry	Electronic components distribution
Founded	1921 (1921)
Founder	Charles Avnet
Headquarters	Phoenix, Arizona , United States
Area served	Worldwide
Key people	William Amelio (CEO)
Products	Electronic components and related services
Website	www.avnet.com

Avnet, Inc. stands as a prominent electronic components distributor based in Phoenix, Arizona. Established in 1921 by Charles Avnet, the business originated on Manhattan's Radio Row and formally incorporated in 1955. It debuted on the New York Stock Exchange in 1961 before moving its listing to Nasdaq in 2018, where it trades under the symbol AVT.

1920Template:Ndash1930

At age 33, Russian-Jewish immigrant Charles Avnet began by purchasing surplus radio parts and selling them along the Radio Row of various U.S. port cities. As radio manufacturing grew, he transitioned from retail sales to supplying manufacturers and dealers. By the mid-1920s, the company expanded into automobile radios and car assembly kits. During the Great Depression, Avnet adapted by shifting from retail operations to wholesale distribution to better align with market conditions.

1930–1940

Throughout World War II, Avnet manufactured antennas for U.S. military forces. During this time, Charles Avnet's son, Lester, joined the enterprise. After the war ended, the firm concentrated on trading surplus electronic and electrical components.

1950–1960

In 1955, the company incorporated as Avnet Electronic Supply Company, focusing on products such as capacitors, fasteners, and switches. By 1956, it launched a second connector assembly facility near Los Angeles, aimed at serving the aircraft sector. The business rebranded as Avnet Electronics Corporation in 1959 and went public on the American Stock Exchange in 1960.

1960–1970

Avnet’s initial acquisition occurred in 1960 with British Industries Corp. (BIC), marking an entry into die casting machinery, guitars, and television antennas, which facilitated its listing on the New York Stock Exchange. In the mid-1960s, it briefly owned record labels including Liberty Records and Blue Note, and acquired guitar manufacturer Guild Musical Instruments in 1965.

Throughout this decade, Avnet pursued an aggressive acquisition strategy:

• Hamilton Electro Corporation (1962)
• Fairmount Motor Products Co., Inc. (1963)
• Valley Forge Products, Inc. (1964)
• Guarantee Generator & Armature Co. (1965)
• Channel Master Corporation (1967)
• Brownell Inc. (1968)
• Carol Wire and Cable Corporation (1968)
• Machiz's Time Electronic Sales (1968)

These purchases expanded Avnet’s offerings to include semiconductors, relays, and potentiometers. In 1964, the company adopted the name Avnet, Incorporated. After founder Charles Avnet passed away that year, Lester Avnet took over as president and chairman, steering strategic growth initiatives.

1970–1980

In 1973, Avnet became Intel Corp.’s inaugural distributor, solidifying its presence in the computing industry by jointly marketing computer peripherals, systems, and software. By 1979, annual revenues surpassed $1 billion. Following Lester Avnet’s death that year, Simon Sheib was appointed CEO. Alongside Anthony Hamilton—former president of Hamilton Electro Corporation—the two entities merged to form Hamilton/Avnet, later renamed Avnet Electronic Marketing Group under Hamilton’s leadership. The company redirected efforts toward sales expansion, warehousing solutions, product innovation, and market development, establishing itself as a leading distributor of semiconductors, integrated circuits, and microprocessors.

1980–2010

In 1998, Roy Vallee assumed the roles of CEO and chairman, coinciding with Avnet's headquarters relocation from Great Neck, New York to Phoenix, Arizona. Three years later, in 2001, Avnet expanded its operations by acquiring Kent Electronics Corp., a Houston-based distributor specializing in electronic components and network installation, through a $600 million stock transaction.

2010–present

Avnet acquired Bell Microelectronics in July 2010 for $631 million. Following this, CEO Roy Vallee retired in July 2011, with then-Chief Operating Officer Richard Hamada stepping into the CEO position. The company continued to grow its Technology Solutions division in 2012 by purchasing Ascendant Technologies and BrightStar Partners.

In September 2016, Tech Data announced plans to acquire Avnet’s Technology Solutions business for roughly $2.6 billion in a combination of cash and stock, resulting in Avnet obtaining a 7% ownership interest in Tech Data. Shortly thereafter, in October 2016, Avnet completed the acquisition of Premier Farnell, a UK-based components distributor, for £691 million.

By March 2019, Avnet had partnered with BitPay, a blockchain payment service provider, to enable cryptocurrency transactions. Within the first month of implementation, the company disclosed completing multiple Bitcoin transactions valued at several million dollars.

Leadership history

Since the 1970s, the position of Chief Executive Officer at Avnet has been held by:

• Tony Hamilton
• Leon Machiz
• Roy Vallee
• Rick Hamada
• William Amelio
• Phil Gallagher