SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
AVNET, INC.
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
053807103
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(CUSIP Number)
c/o Alistair Boyle
Permira (Europe) Limited
Trafalgar Court, Les Banques
St. Peter Port, Guernsey Channel Islands GY1 3QL
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
Copy to:
Andrew P. Varney, Esq.
Fried, Frank, Harris, Shriver & Jacobson LLP
1001 Pennsylvania Avenue, N.W.
Suite 800
Washington, D.C. 20004
January 20, 2005
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
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CUSIP No. 053807103 13D Page 3 of 17 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Permira Europe II Nominees Limited
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
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6. Citizenship or Place of Organization Guernsey
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7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
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CUSIP No. 053807103 13D Page 4 of 17 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Permira Europe II Managers, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 053807103 13D Page 5 of 17 Pages
--------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Permira (Europe) Limited
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
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CUSIP No. 053807103 13D Page 6 of 17 Pages
--------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Permira UK Venture IV Nominees Limited
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
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CUSIP No. 053807103 13D Page 7 of 17 Pages
--------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Schroder Venture Managers (Guernsey) Limited
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
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CUSIP No. 053807103 13D Page 8 of 17 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SV (Nominees) Limited
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CUSIP No. 053807103 13D Page 9 of 17 Pages
--------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Schroder Ventures Investment Limited
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Guernsey
--------------------------------------------------------------------------------
7. Sole Voting Power
Number of
Shares
Beneficially
Owned by
Each
Reporting 0
Person With
--------------------------------------------------------------------------------
8. Shared Voting Power
17,957,367
--------------------------------------------------------------------------------
9. Sole Dispositive Power
0
--------------------------------------------------------------------------------
10. Shared Dispositive Power
17,957,367
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
17,957,367
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ( )
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 12.3%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
--------------------------------------------------------------------------------
This Amendment No. 2 amends and supplements the July 15, 2005 Schedule
13D filed by Permira Europe II Nominees Limited, Permira Europe II Managers
L.P., Permira (Europe) Limited, Permira UK Venture IV Nominees Limited,
Schroder Venture Managers (Guernsey) Limited, SV (Nominees) Limited, and
Schroder Ventures Investment Limited with the Securities and Exchange
Commission ("SEC") as amended by Amendment No. 1, filed with the SEC July
22, 2005, relating to the Common Stock of Avnet, Inc., a New York
corporation (the "Company"). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the
Schedule 13D.
ITEM 1. SECURITY AND ISSUER
The title of the class of equity securities of Avnet, Inc., a New York
corporation (the "Company" or "Issuer"), to which this statement relates is
the Company's Common Stock, par value $1.00 per share (the "Common Stock"
or "Shares"). The address of the principal executive office of the Company
is 2211 South 47th Street, Phoenix, Arizona 85034.
ITEM 2. IDENTITY AND BACKGROUND
This statement is being filed by a group, as defined in Rule 13d-5 of
the General Rules and Regulations under the Securities Exchange Act of
1934, as amended. Members of the group include (i) Permira Europe II
Nominees Limited, a company incorporated in Guernsey ("PE2 Nominees"), (ii)
Permira Europe II Managers L.P., a limited partnership organized in
Guernsey, (iii) Permira (Europe) Limited, a company incorporated in
Guernsey, (iv) Permira UK Venture IV Nominees Limited, a company
incorporated in Guernsey ("VF4 Nominees"), (v) Schroder Venture Managers
(Guernsey) Limited, a company incorporated in Guernsey, (vi) SV (Nominees)
Limited, a company incorporated in Guernsey ("SV Nominees"), and (vii)
Schroder Ventures Investment Limited, a company incorporated in Guernsey.
PE2 Nominees is the nominee for four limited partnerships that
comprise Permira Europe II and for the Permira Europe II Co-Investment
Scheme. Permira (Europe) Limited is the general partner of Permira Europe
II Managers L.P., which is the general partner of each of the four limited
partnerships comprising Permira Europe Fund II. Permira (Europe) Limited,
Permira Europe II Managers L.P., and PE2 Nominees are collectively referred
to as the "PE2 Persons."
VF4 Nominees is the nominee for the one trust and two limited
partnerships that comprise the Permira UK Venture Fund IV and for the
Schroder UK Venture Fund IV Co-Investment Scheme. Schroder Venture Managers
(Guernsey) Limited acts as the manager of Schroder Venture Managers Inc.,
the general partner of the two limited partnerships, and Barings (Guernsey)
Limited, the trustee of the trust, which comprise the Permira UK Venture
Fund IV. Schroder Venture Managers (Guernsey) Limited and VF4 Nominees are
collectively referred to as the "VF4 Persons."
SV Nominees is the nominee for Schroder Ventures Investment Limited.
Schroder Ventures Investment Limited and SV Nominees are collectively
referred to as the "SV Persons."
The PE2 Persons, the VF4 Persons and the SV Persons are collectively
referred to as the "Reporting Persons."
The business address of each of the Reporting Persons is Trafalgar
Court, Les Banques, St Peter Port, Guernsey, Channel Islands GY1 3QL.
Peter Smitham is a director of Permira (Europe) Limited. Mr. Smitham
is also a director of Permira Advisers Limited which is the adviser in
relation to Permira Europe II and Permira UK Venture IV. Mr. Smitham is
also a participant in the Permira Europe II Co-Investment Scheme and the
Schroder UK Venture Fund IV Co-Investment Scheme and a shareholder of
Schroder Venture Investments Limited.
The directors of PE2 Nominees, Permira (Europe) Limited, VF4 Nominees,
Schroder Venture Managers (Guernsey) Limited, SV Nominees and Schroder
Ventures Investments Limited, as of the date hereof, are set forth in
Schedule A attached hereto, containing the following information with
respect to each such person:
(a) Name and Position;
(b) Residence or business address;
(c) Present principal occupation or employment and the name,
principal business and address of any corporation or other
organization in which such employment is conducted.
None of the Reporting Persons, none of the above individuals or any
person named in Schedule A attached hereto has, during the last five years,
been (i) convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or (ii) a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction which resulted in
such Reporting Person or individual being subject to a judgment, decree or
final order finding any violation of federal or state securities laws or
enjoining future violations of, or prohibiting or mandating activities
subject to, such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Not Applicable.
ITEM 4. PURPOSE OF TRANSACTION.
On July 5, 2005, pursuant to the Securities Acquisition Agreement, the
Company acquired all of the issued share capital and certain bonds of Memec
in exchange for approximately 24.011 million shares of the Issuer's Common
Stock plus approximately $64 million of cash (the "Memec Acquisition").
In connection with the Memec Acquisition, the Company entered into a
registration rights agreement, dated as of July 5, 2005 (the "Registration
Rights Agreement"), with certain shareholders and bondholders of Memec
Group Holdings Limited who became shareholders of the Company (the "Memec
Shareholders"). The Registration Rights Agreement grants certain
registration rights with respect to the shares of the Common Stock issued
to the Memec Shareholders. Specifically, the Company agreed to use its
reasonable best efforts to cause a shelf registration statement to become
effective no later than the 181st day following the closing of the
transactions contemplated by the Securities Acquisition Agreement to
provide for certain resales of the shares of Common Stock issued to the
Memec Shareholders pursuant to such Securities Acquisition Agreement. In
addition, the Company has agreed to provide additional registration rights,
in the form of underwritten offerings and/or registered block trades, to
the Memec Shareholders, which may be demanded by certain specified Memec
Shareholders, subject to the terms and conditions contained in the
Registration Rights Agreement.
Also in connection with the Memec Acquisition, the Board of Directors
of the Company (the "Board") appointed Peter Smitham as a member of the
Board. Pursuant to the Securities Acquisition Agreement, the Company
entered into a board nominee agreement (the "Board Nominee Agreement") with
PE2 Nominees, VF4 Nominees, and SV Nominees (collectively, the "Permira
Shareholders") whereby the Company agreed, among other things and for as
long as the Board Nominee Agreement is in effect, to nominate Mr. Smitham
for the position of director of the Company and to recommend to the
Company's shareholders to vote for such director nominee at each
shareholders meeting at which the Company's directors are to be elected.
The Board Nominee Agreement terminates at such time as the Permira
Shareholders no longer own the lesser of (i) 5% of the outstanding shares
of the Company's capital stock and (ii) 25% of the Company shares issued
pursuant to the Securities Acquisition Agreement.
All of the shares of Common Stock reported herein were acquired for
investment purposes. The Reporting Persons review on a continuing basis the
investment in the Company. Based on such review, the Reporting Persons may
acquire, or cause to be acquired, additional securities of the Company,
dispose of, or cause to be disposed, such securities at any time or
formulate other purposes, plans or proposals regarding the Company or any
of its securities, to the extent deemed advisable in light of general
investment and trading policies of the Reporting Persons, the Company's
business, financial condition and operating results, general market and
industry conditions or other factors.
Except as described in this Schedule 13D, the Reporting Persons
currently have no plans or proposals which relate to or would result in any
transaction, event or action enumerated in paragraphs (a) through (j) of
Item 4 of the form of Schedule 13D promulgated under the Act.
On December 30, 2005, the Company filed a shelf registration statement
on Form S-3 and a prospectus supplement (File No. 333-130783, the "Shelf
Registration Statement"), relating to the shares of Common Stock issued in
the Memec Acquisition, including 4,756,150 shares held by the Reporting
Persons. Pursuant to the prospectus supplement, the selling shareholders
(including the Reporting Persons) and any of their pledgees, donees,
transferees, assignees or other successors-in-interest may, from time to
time, sell any or all of their shares of common stock at fixed prices, at
prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices, to or through underwriters,
through dealers or agents, directly to a limited number of institutional
purchasers or to a single purchaser or through a combination of any such
methods of sale. The selling shareholders may effect these sales in any one
or more of the following transactions: (i) on any national securities
exchange or quotation service on which the securities may be listed or
quoted at the time of sale; (ii) in the over-the-counter market; (iii) in
transactions other than on these exchanges or systems or in the
over-the-counter market; (iv) through the writing of options, whether such
options are listed on an options exchange or otherwise; (v) ordinary
brokerage transactions and transactions in which the broker-dealer solicits
purchasers; (vi) block trades in which the broker-dealer will attempt to
sell the shares as agent but may position and resell a portion of the block
as principal to facilitate the transaction; (vii) purchases by a
broker-dealer as principal and resale by the broker-dealer for its account;
(viii) an exchange distribution in accordance with the rules of the
applicable exchange; (ix) privately negotiated transactions; (x) in
satisfaction of positions created by short sales; (xi) broker-dealers may
agree with the selling shareholders to sell a specified number of such
shares at a stipulated price per share; (xii) a combination of any such
methods of sale; and (xiii) any other method permitted pursuant to
applicable law.
Pursuant to Section 3(a)(i) of the Registration Rights Agreement, the
Reporting Persons provided the Company with written notice of the exercise
of their demand registration rights dated January 20, 2006 (the "Demand
Request Notice"). The Reporting Persons have requested that the Company
file a registration statement on Form S-3 with respect to an aggregate of
17,957,367 shares of the Company's Common Stock. The intended method of
distribution of such shares of Common Stock is an underwritten public
offering.
Depending on market conditions and other factors in existence at the
time of any such disposition, the Reporting Persons presently intend to
dispose of all shares covered by the Demand Request Notice in a registered
public offering or otherwise. There can be no assurance, however, that a
registration statement with respect to the sale of such shares will be
filed and declared effective by the SEC or that such shares will ultimately
be sold pursuant to such registration statement or otherwise.
Each of the Reporting Persons reserves the right, in light of its
ongoing evaluation of the Company's financial condition, business,
operations and prospects, the market price of the Common Stock, conditions
in the securities markets generally, general economic and industry
conditions, its business objectives and other relevant factors, to change
its plans and intentions at any time, as it deems appropriate. In
particular, any one or more of the Reporting Persons reserves the right
(subject to any applicable limitations imposed on the sale of any of their
Company securities by the Securities Act of 1933, as amended, or other
applicable law) to (i) purchase additional shares of Common Stock or other
securities of the Company, (ii) sell or transfer shares of Common Stock
beneficially owned by them from time to time in public or private
transactions, (iii) cause any of the Permira Shareholders to distribute in
kind to their respective partners or members, as the case may be, shares of
Common Stock or other securities owned by such Permira Shareholder and (iv)
enter into privately negotiated derivative transactions with institutional
counterparties to hedge the market risk of some or all of their positions
in the shares of Common Stock.
The foregoing response to this Item 4 is qualified in its entirety by
reference to the Securities Acquisition Agreement, which is included as
Exhibit 1 to this Schedule 13D, the Registration Rights Agreement, which is
filed as Exhibit 2 to this Schedule 13D and the Board Nominee Agreement,
which is filed as Exhibit 3 to this Schedule 13D. The Securities
Acquisition Agreement, the Registration Rights Agreement and the Board
Nominee Agreement are incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b)
As of the date hereof, PE2 Nominees, VF4 Nominees and SV Nominees own
of record 16,153,797 shares of Common Stock, 1,173,350 shares of Common
Stock, and 630,220 shares of Common Stock, respectively, or 11.1%, 0.8% and
0.4% of the Company's issued and outstanding shares of Common Stock. The
beneficial ownership percentages in this report are based on a total of
145,957,636 shares outstanding as of December 29, 2005 (as reported by the
Company in the Shelf Registration Statement). The shares held of record by
PE2 Nominees include (i) 15,997,914 shares held on behalf of the four
limited partnerships that comprise Permira Europe II, and (ii) 155,883
shares held on behalf of the Permira Europe II Co-Investment Scheme. The
shares held of record by VF4 Nominees include (i) 1,163,468 shares held on
behalf of one trust and two limited partnerships that comprise the Permira
UK Venture Fund IV, and (ii) 9,882 shares held on behalf of the Schroder UK
Venture Fund IV Co-Investment Scheme.
Each of the PE2 Persons, the VF4 Persons and the SV Persons may be
deemed to share voting power and the power to direct the disposition of the
share of Common Stock which each owns of record. Accordingly, as of the
date hereof, the Reporting Persons may be deemed to own beneficially an
aggregate of 17,957,367 shares of Common Stock, or 12.3% of the Company's
issued and outstanding shares of Common Stock.
(c) Except as set forth herein, to the knowledge of the Reporting
Persons with respect to the persons named in response to
paragraph (a), none of the persons named in response to paragraph
(a) has effected any transactions in shares of Common Stock
during the past 60 days.
(d) No person other than the persons listed is known to have the
right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, any securities owned by
any member of the group.
(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
As described under Item 4 above, certain of the Reporting Persons have
entered into the Securities Acquisition Agreement, the Registration Rights
Agreement and the Board Nominee Agreement.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following documents are filed as exhibits:
----------- -------------------------------------- -----------------------------
Incorporated by
Exhibit No. Title Reference to:
----------- ----- -------------
----------- -------------------------------------- -----------------------------
1 Securities Acquisition Agreement, Exhibit 2.1 to the Current
dated as of April 26, 2005, by and Report on Form 8-K filed by
among Avnet, Inc., Memec Group Avnet, Inc. on April 26, 2005
Holdings Limited, and the sellers
named therein.
----------- -------------------------------------- -----------------------------
2 Registration Rights Agreement, dated Exhibit 99.2 to the Current
as of July 5, 2005, between Avnet, Report on Form 8-K filed by
Inc. and certain shareholders of Avnet, Inc. on July 11, 2005
Memec Group Holdings Limited.
----------- -------------------------------------- -----------------------------
3 Board Nominee Agreement, dated as of Exhibit 99.3 to the Current
July 5, 2005, between Avnet, Inc. Report on Form 8-K filed by
and Permira Europe Fund II Nominees Avnet, Inc. on July 11, 2005
Limited, Permira UK Venture IV
Nominees Limited and SV (Nominees)
Limited as nominee for Schroder
Ventures Investments Limited.
----------- -------------------------------------- -----------------------------
Signature
After reasonable inquiry and to the best of the knowledge and belief
of each of the undersigned, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct.
Dated: January 25, 2006
PERMIRA EUROPE II NOMINEES LIMITED
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of
Permira Europe II Nominees Limited
By: Alistair Boyle,
Alternate Director
PERMIRA (EUROPE) LIMITED
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of
Permira (Europe) Limited
By: Alistair Boyle,
Alternate Director
PERMIRA EUROPE II MANAGERS, L.P.
BY: PERMIRA (EUROPE) LIMITED,
ITS GENERAL PARTNER
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of
Permira (Europe) Limited,
as General Partner
By: Alistair Boyle,
Alternate Director
PERMIRA UK VENTURE IV NOMINEES LIMITED
Signed on behalf of Permira UK
Venture IV Nominees Limited:
Signed by: /s/ John Symons
---------------------------------
for Doyle Administrators Ltd.
Secretary
(A) as nominee for Barings (Guernsey) Limited
as (i) Trustee of Schroder UK Venture Fund IV
Trust, and (ii) Custodian of Schroder UK
Venture Fund IV LP1 and Schroder UK Venture
Fund IV LP2, and
(B) as nominee for Schroder Venture Managers
(Guernsey) Limited as manager of the Schroder
UK Venture Fund IV Co-investment Scheme
SCHRODER VENTURE MANAGERS
(GUERNSEY) LIMITED
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of
Schroder Venture Managers
(Guernsey) Limited
By: Alistair Boyle,
Alternate Director
SV (NOMINEES) LIMITED
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of SV (Nominees) Limited as
nominee for Schroder Ventures Investments
Limited
By: Alistair Boyle,
Alternate Director
SCHRODER VENTURES INVESTMENTS LIMITED
Signed by: /s/ Alistair Boyle
---------------------------------
for and on behalf of Schroder Ventures
Investments Limited
By: Alistair Boyle,
Alternate Director
EXHIBIT INDEX
----------- -------------------------------------- -----------------------------
Incorporated by
Exhibit No. Title Reference to:
----------- ----- -------------
----------- -------------------------------------- -----------------------------
1 Securities Acquisition Agreement, Exhibit 2.1 to the Current
dated as of April 26, 2005, by and Report on Form 8-K filed by
among Avnet, Inc., Memec Group Avnet, Inc. on April 26, 2005
Holdings Limited, and the sellers
named therein.
----------- -------------------------------------- -----------------------------
2 Registration Rights Agreement, dated Exhibit 99.2 to the Current
as of July 5, 2005, between Avnet, Report on Form 8-K filed by
Inc. and certain shareholders of Avnet, Inc. on July 11, 2005
Memec Group Holdings Limited.
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3 Board Nominee Agreement, dated as of Exhibit 99.3 to the Current
July 5, 2005, between Avnet, Inc. Report on Form 8-K filed by
and Permira Europe Fund II Nominees Avnet, Inc. on July 11, 2005
Limited, Permira UK Venture IV
Nominees Limited and SV (Nominees)
Limited as nominee for Schroder
Ventures Investments Limited.
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