Anixter To Sell Fasteners Unit To American Industrial Partners For $380 Mln

(RTTNews) - Anixter International Inc. (AXE) has agreed to sell its OEM Supply - Fasteners segment to American Industrial Partners or AIP for $380 million in cash, subject to certain post-closing adjustments. The transaction, which was approved by Anixter's board, is likely to close in the second quarter of 2015.

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 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.

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 and Sidley Austin LLP served as legal counsel to Anixter. Baker Botts LLP served as legal counsel to AIP.