8/28/2014 12:28:00 AM
NEWS BRIEFS
Anixter Inks Loan To Fund Tri-Ed Acquisition
Anixter International closed on a $200 million term loan utilizing the incremental facility available under its senior unsecured revolving credit agreement signed in 2011.
“The proceeds from the incremental facility are expected to be used to fund a portion of the planned acquisition of Tri-Ed Security Products,” the company stated.
In early August Anixter agreed to acquire Tri-Ed, a distributor of security and low-voltage technology products, from Audax Group for $420 million.
Headquartered in Woodbury, NY, Tri-Ed provides approximately 110,000 products to over 20,000 customers. The company employs over 600 people across 63 locations in the U.S. and Canada. Tri-Ed generated approximately $570 million in sales and $36 million in adjusted EBITDA over the trailing twelve months ending June 30, 2014.
The transaction is expected to close by the end of September.
Anixter reported OEM Supply – Fasteners sales increased 3.4% to $243.1 million in the second quarter of 2014. Fasteners operating income more than doubled to $12.2 million, operating margins of 5% compared to operating margins of 2.4% in the prior year quarter and 5.1% in the first quarter of 2014.
Fastener sales during the first six months of 2014 improved 6.4% to $492.6 million, with segment operating income more than doubling to $25 million.
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