Anixter International Inc. acquired all of the outstanding shares of Total Supply Solutions Limited (TSS).
Manchester, U.K.-based TSS is a fastener distributor that will complement Anixter's product offering with a broad array of valued-added services and inventory management programs to original equipment manufacturers (OEMs). For 2007, TSS is expected to generate sales of approximately $22 million. Of the projected sales approximately half will be in the U.K., with the remainder coming from Poland and the Czech Republic. Anixter is paying approximately $8 million in cash, including the payoff of TSS debt obligations, for all of the outstanding shares of TSS.
Bob Grubbs, president and CEO of Anixter, said, “This acquisition is another step in the geographic expansion of our OEM Supply business through the addition of important customers in Eastern Europe.
“This acquisition not only expands the geographic scope of our OEM supply business. It also brings some very complementary customers to our existing base. Given our stated goal of building on our current strategic platform to drive future organic sales growth, this acquisition is a nice addition to our existing business,” said Grubbs.