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AIP Completes Anixter Fasteners Acquisition

By global fastener news , 2015-06-03 11:55:55

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New York private equity firm American Industrial Partners (AIP) completed its $380 million cash acquisition of Anixter International's OEM Supply Fasteners division. The business, which was acquired at auction in January, has been renamed Optimas OE Solutions, LLC and will remain headquartered in Glenview, IL. 

With approximately 1,950 employees, Optimas manufactures and distributes highly-engineered fasteners and C-Class components for the commercial vehicle, luxury automotive, agricultural equipment, power generation equipment, construction, and general industrial markets. Optimas serves over 4,000 customers in 15 countries through a network of 74 distribution and service centers located across North America, Europe and Asia. 

"We are extremely excited to partner with AIP, who brings deep operating and industry expertise," said Ian Clarke, CEO of Optimas. "As a standalone company, we look forward to implementing a strategic growth plan focused on serving our blue-chip customer base and enhancing our leadership position."

The business reported 2014 revenues of $938.5 million and operating profit of $39.1 million. First quarter 2015 fastener segment revenue was essentially flat at 249.4 million, with operating income rising to $11.9 million.

Anixter began building its fastener business in 2002 by acquiring Pentacon for $111.4 million. After Pentacon, Anixter bought Walters Hexagon in 2003, DDI in 2004, Infast in 2005 and MFU in 2006.

In 2007 Anixter acquired UK-based aerospace fastener distributor Eurofast SAS for $27 million and fastener distributor Total Supply Solutions Ltd. for $8 million.

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