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Anixter International spent several months last year trying unsuccessfully to sell itself.
The ordeal seems to have left a bitter taste in management''s mouth, as evidenced by the company''s decision to divest its fasteners division by auction — a process more likely to produce a predicable outcome for the distribution giant.
As reported by the Financial Times of London, Anixter has put its fasteners division up for auction. The auction, which is being managed by Goldman Sachs, is reportedly attracting interest from the private equity sector rather than "strategic bidders."
"The sale of the fasteners division, which produces nuts, bolts and adhesives, is likely to fetch more than $500m, with final bids due later this month," the Times reports.
That half a billion or so dollars is likely to come from private sources, fastener acquisition specialist Richard Hagan of NY-based Pinnacle Capital Corp. told GlobalFastenerNews.com.
"I would be surprised if Anixter Fasteners is not purchased by a private equity firm," Hagan toldGlobalFastenerNews.com. "In my opinion, if there was another industrial product distributor (strategic buyer) willing to pay the price Anixter management/ownership is seeking... that deal would have already happened."
The company’s largest shareholder is Chai Trust Co. Outspoken billionaire Sam Zell is chairman.
Highlights from the Anixter International Stock Report in the FIN Fastener Stocks section of GlobalFastenerNews.com.
Anixter began building its fastener business in 2002 by acquiring Pentacon for $111.4 million. After Pentacon, AFS bought Walters Hexagon in 2003, DDI in 2004, Infast in 2005 and MFU in 2006.
2014 – Fastener segment sales in North America sales increased 7.2%, while Europe declined 8.4% and Emerging Market sales jumped 24%.
2013 – "For the fifth consecutive quarter we achieved significant performance improvements in our Fasteners segment, reflecting increases in our customers’ production levels coupled with the results of actions we took to reposition the business for profitable growth," said CEO Bob Eck.
2012 – OEM Supply sales declined 12%, "caused by a year-over-year decline in heavy truck production levels in North America and continuing weaker manufacturing production levels in Europe."
緊固件展-2016第十七屆廣州國際緊固件及設(shè)備展覽會(huì)-巨浪展覽-The 17th China(Guangzhou)Int’l Fatsener & Equipment Exhibition
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