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Home->Fastener News->Anixter Fasteners Testing New NameYou are the 584165 visitors
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Anixter Fasteners Testing New Name

Anixter Fasteners is testing a new name.

Anixter International agreed to sell its OEM Supply – Fasteners segment to American Industrial Partners (AIP) for $380 million in cash. The deal, which was approved by Anixter’s board of directors, is expected to close during the second quarter of 2015.

The new name of the business could be "Optimas OE Solutions." Optimas is Latin for "of the best."

If approved, the name would change in August.

Anixter 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. Anixter Fasteners serves customers in 15 countries, and the average relationship among its 10 largest customers exceeds 17 years. The business reported 2014 revenues of $938.5 million and operating profit of $39.1 million.

The Fasteners business includes 73 distribution centers, 12 quality labs and more than 1,900 employees worldwide.

Upon closing, Fasteners 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, Illinois.

The name of the new company will be announced upon closing.

Anixter auctioned its Fasteners segment in January. At least one analyst estimated the business would fetch as much as $500 million.

AIP has also offered to acquire the portion of the Fasteners business in France that has historically supported Fasteners’ global business.

Goldman, Sachs & Co. served as financial advisor.

Founded in 1989, AIP is a middle-market private equity firm that invests in North American-based industrial businesses serving domestic and global markets. To date, AIP has completed over 50 transactions and is currently managing more than $1.1 billion in equity capital.

Weeks after auctioning the Fasteners business, Anixter reported Fasteners segment sales declined 12.2% to $217.3 million in the fourth quarter of 2014.

Q4 Fasteners segment sales in North America dropped 1.9% to $92.1 million on an organic basis during Q4.

In Europe, Fasteners sales fell 18.3% on an organic basis to $103.9 million in Q4. And Emerging Markets sales for Fasteners jumped 19.5% on an organic per day basis.

Full-year Fasteners segment sales edged up 0.3% to $938.5 million. Fasteners sales in North America gained 1.7% to $396.2 million. Segment sales in Europe fell 6.1% to $445 million, while Emerging Markets sales increased 28.5% to $92.6 million.

Fasteners segment operating margin in 2014 improved to 4.2% compared to 3.5% in 2013.

Source: Global Fastener News

2015/3/16 16:54:00

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