Anixter Fasteners to be sold for US$380 million
03 April 2015
Anixter International Inc announced it has entered a definitive agreement to sell its OEM Supply – Fasteners segment to American Industrial Partners (AIP) for US$380 million (approximately 247 million euros). The transaction is expected to close during Q2 2015.
Anixter ‘Fasteners’ reported 2014 revenue of US$938.5 million (approximately 609 million euros) and operating profit of US$39.1 million. Ian Clarke, currently executive vice president, will become president and CEO of the new standalone company, which will continue to be led by the current management team. At Fastener Fair Stuttgart, ‘Fasteners’ procurement team revealed that the new company would be called Optimas OE Solutions. Its headquarters will remain in Glenview, Illinois, USA.
Ian Clarke said: “We are proud that Fasteners is recognised as a leading, global distributor and manufacturer of highly engineered fasteners, and we are confident that AIP will be an excellent partner going forward. AIP will provide additional operational expertise and financial resources that will enable Fasteners to accelerate its growth and reach its full potential.”
He emphasised: “AIP is fully supportive of our long-term strategic plan, and importantly, AIP shares our focus on building long-term value with Fasteners’ customers.”
‘Fasteners’ has 73 distribution centres worldwide, 12 quality laboratories and more than 1,900 employees. AIP has also offered to acquire the portion of a French fastener business that has historically supported Anixter ‘Fasteners’.
AIP is a private equity firm, founded in 1989, investing in North American based industrial businesses serving domestic and global markets and currently manages more than US$1.1 billion in equity capital.
On 26th February Executive Editor Phil Matten met with Ian Clarke and Dan Jack, and talked with other senior colleagues, to get an exclusive insight to the decision, how it has been received, and some hints of the future for one of the industry’s global giants. Read more on pages 50-51 of issue 92.
