GLENVIEW, Ill. — Anixter International Inc. (NYSE: AXE) today announced that on June 1, 2015 it completed the previously announced sale of its OEM Supply – Fasteners (“Fasteners”) segment to American Industrial Partners (“AIP”), a middle-market private equity firm focused on acquiring North American headquartered industrial businesses, for $380 million in cash, subject to customary post-closing adjustments.
“We are pleased to announce the closing of this sale as we sharpen our focus on our core Enterprise Cabling & Security Solutions (ECS) and Electrical and Electronic Wire & Cable (W&C) segments,” said Bob Eck, President and Chief Executive Officer of Anixter. “With the additional financial flexibility that estimated net after tax proceeds of $320 million will provide, our priorities continue to be paying down debt, extending our M&A strategy, providing a potential return of value to shareholders, or some combination of these, allowing us to continue to deliver long-term value to shareholders.”
The new company, which has been named Optimas OE Solutions, is a leading global distributor and manufacturer of highly-engineered fasteners for customers in the heavy truck, power train, luxury automotive, agriculture, construction, recreational vehicles and other verticals serving customers in 15 countries. The business reported 2014 revenues of $938.5 million and operating profit of $39.1 million. The results from the Fasteners business have been reclassified as discontinued operations and therefore were excluded from Anixter’s first quarter 2015 results from continuing operations.
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