Jason Sandefur

Looking to boost its annual fastener sales to $750 million, Anixter International offered a bid for UK-based fastener distributor Infast Group worth $72.2 million in cash, plus assumption of $25.4 million in debt. Infast stock rose about 40% on news of the bid.\
Infast operates 25 distribution centers in Britain and six in the U.S. and employs about 900 people. Anixter said acquiring Infast would bring new customers and strengthen its position as a fastener supplier.
“The addition of the Infast operations to our existing OEM supply business is another significant step in positioning ourselves as a leader in the supply of fasteners,” stated Anixter CEO Robert Grubbs.
The bid requires that at least 90% of Infast shareholders approve the sale.
Infast reported 2004 sales from continuing operations were $287.3 million. In February 2005 Infast sold the last of its manufacturing operations, Philidas Ltd., for about $1.3 million. That transaction completed a restructuring program in which the company sold a number of manufacturing facilities. Infast will take a $13 million charge related to its divestitures.
Anixter Fasteners is comprised of Anixter Pentacon; UK-based Walters Hexagon, acquired in September 2003; and Distribution Dymanics, which Anixter bought for $32.8 million in June 2004. �2005 FastenerNews.com