3E: Essential. Energy & Environmental Infrastructure Services
Dallas Businessman Leads 10th Largest U.S. African American Owned Business; Black Enterprise Ranks Converge Global Trading Exchange Among Top Businesses with $300 Million in Annual Revenue
DALLAS –(Business Wire)– July 29, 2004 — Converge Global Trading Exchange, the world’s largest global independent distributor of electronic components, computer products and networking equipment, led by Dallas businessman Dale LeFebvre, 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 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 spearheaded by Managing Partner Dale LeFebvre that culminated in the acquisition of Converge. LeFebvre is also chairman and president 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 this outcome and we are pleased to see our efforts come to fruition,” said LeFebvre. “With restructuring complete, unprecedented strength in Asian and European operations, proven management and a strong financial relationship with Bank of America Business Capital, we are cautiously optimistic 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 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.”
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 from its headquarters in Peabody, Mass., 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, +65-6799-8038 within Asia Pacific, +31 (0) 20.582.6161 within Europe, Middle East and Africa, or send an email to: firstname.lastname@example.org.
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.