Renaissance sells IT distribution unit to Exeed, halving balance sheet

Wed, 20 Jun 2012

By Hannah Lynch June 21 (BusinessDesk) - Renaissance Corp, which used to have a monopoly on national distribution of Apple products, will sell its IT distribution division to Exeed Limited, halving the size of its balance sheet. IT distributor Exeed will take over the distribution of Apple, Fuji, Cygnet, Belkin and Ozaki and acquire all the company's stock, valued at about $2.5 million. Exceed will pay $2.3 million in goodwill and about $570,000 for fixed assets. A shareholder meeting will be held on July 6 to approve the deal. "The time ha...

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