Boston Area Company Named 10th Largest U.S. African American Owned Business; Black Enterprise Ranks Converge Global Trading Exchange Among Top Businesses With $300M in Annual Revenue.PEABODY, Mass. -- Converge Global Trading Exchange, the world's largest global independent distributor of electronic components, computer products and networking equipment, was named the 10th largest African American-owned U.S. business in the June 2004 issue of Black Enterprise magazine. The publication's annual report on African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. businesses ranks the nation's top grossing African American-owned businesses and is recognized as the most respected measure of minority-owned business performance. The June issue is its 32nd year of reporting on the nation's top businesses. In 2000 Dallas-based Pharos Capital Group, an African American-owned private equity company, which ranked fourth in the Black Enterprise magazine report under the private equity firm category, began a series of investments and restructurings led by Managing Partner Dale LeFebvre that culminated in the acquisition of Converge. Headquartered in Peabody, Mass., Converge has over 275 employees and operates regional hubs and support and logistics centers throughout the Americas, Europe and Asia. Company revenue was $317 million last year. As the leading business-to-business independent electronics distributor, Fortune 500 companies rely on Converge to help manage production material and associated supply and demand imbalances. Converge has a network of more than 6,500 trading partners worldwide and provides rapid-response shortage procurement solutions, material cost control services and asset recovery services. "Three years ago we believed that our hands on approach and the strength of unfettered management would precipitate precipitate /pre·cip·i·tate/ (-sip´i-tat) 1. to cause settling in solid particles of substance in solution. 2. a deposit of solid particles settled out of a solution. 3. occurring with undue rapidity. this outcome and we are pleased to see our efforts come to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. ," said Dale LeFebvre, chairman and president of Converge. "With restructuring complete, unprecedented strength in Asian and European operations, proven management and a strong financial relationship with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Business Capital, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future." The company recently completed an increased line of credit from Bank of America Business Capital that has helped fuel the company's significant growth and global expansion. "Partnering with Pharos Capital Group and being supported by Bank of America Business Capital financing enables Converge to immediately service our global customer base in a much larger and deeper way," said Converge CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Frank Cavallaro. "Going forward, these business alliances will help Converge's growth and global expansion." "We've been impressed with Converge's growth over the past year," said James G. Connolly, president of Bank of America Business Capital. "They've executed their business plan extremely well and we're happy to support the company with an asset-based loan An asset-based loan is a loan, often for a short term, secured by a company's assets. Real estate, A/R, inventory, and equipment are typical assets used to back the loan. The loan may be backed by a single category of assets or some combination of assets, for instance, a ." About Converge Converge (www.converge.com) is a leading global independent distributor for electronic components and technology products. Converge provides a high degree of market liquidity by aggregating supply and demand from thousands of component, original equipment and contract manufacturers, distributors and resellers. The Converge exchange leverages more than 25 years experience and provides comprehensive services such as production procurement and inventory management, finished goods remarketing, trading, financial settlement, global logistics and quality assurance. Converge manages North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. from its headquarters in Peabody, Massachusetts Peabody (pronunciation IPA: /ˈpiːbədi/) is a city in Essex County, Massachusetts, United States. As of the 2000 census, the population was 48,129. Peabody is located on the North Shore. , its Asia-Pacific business from Singapore and its European operations from Amsterdam. For more information about Converge, call 877-693-5694 within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , +65-6799-8038 within Asia Pacific, +31 (0) 20.582.6161 within Europe, Middle East and Africa, or send an email to: info@converge.com. For a photograph of Dale LeFebvre, chairman and president, Converge Global Trading Exchange, please go to: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4667338 |
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