Anixter International Inc., Glenview, Ill., agreed to sell its OEM Fasteners segment to American Industrial Partners, a New York-based private equity firm, for $380 million in cash, subject to post-closing adjustments. The transaction is expected to close during the second quarter of 2015, subject to customary closing conditions and regulatory approval.
Fasteners is a 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. It serves customers in 15 countries, and reported 2014 revenues of $938.5 million and operating profit of $39.1 million.
Anixter’s Fasteners business includes 73 distribution centers, 12 quality labs and more than 1,900 employees worldwide. The business will continue to be led by its current management team, with Ian Clarke assuming the role of president and CEO of the new company. The company’s headquarters will remain in Glenview, and the name of the new company will be announced upon closing.
Anixter, founded in 1957, operates approximately 270 warehouses/branch locations with 7.5 million square feet of space in 300 cities in more than 50 countries, and carries over $1.1 billion in inventory.