AIP to Acquire Anixter's Fasteners Unit for $380M Cash
February 13, 2015
American Industrial Partners has agreed to acquire the fasteners unit of Anixter (NYSE: AXE) for $380 million in cash. The acquired division distributes and manufactures fasteners for customers in the heavy truck, power train, luxury automotive and construction verticals, among others. With 73 distribution centers, 12 quality labs and more than 1,900 employees worldwide, the business reported 2014 revenues of $938.5 million and operating profit of $39.1 million. The deal, already approved by Anixter's Board, is expected to close in 2Q, upon which the company's new name will be announced.