Anixter puts fasteners unit on auction block
Resource from: Financial Times Likes:184
Jan 06,2015
Anixter International, the electrical equipment maker backed by Sam Zell, has put its fasteners division up for sale a year after it failed to find a buyer for the whole company.
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, according to people familiar with the matter.
Exact details about potential buyers could not be ascertained, but the auction, which is being managed by Goldman Sachs, has attracted interest from private equity, rather than strategic bidders, the people added.
Anixter, which has a market value of $2.9bn, had tried to sell itself early last year, with rival electrical equipment maker Rexel of France and private equity group Carlyle reported to be among the buyers. The process was pulled, however, after buyers failed to agree a price.
The Illinois-based company counts Chai Trust Company, a subsidiary of Sam Zell’s Equity Group Investments, as its largest shareholder with 11.33 per cent of the stock. The real estate billionaire, who has held a position in the company for about 30 years, is also on Anixter’s board.
The sale of the fasteners business comes at a time of feverish activity in global mergers and acquisitions, with the combination of cheap debt and rising corporate confidence driving levels of dealmaking not seen since the start of the financial crisis. Globally, the value of deals hit $3.34tn last year — the highest level since the start of the financial crisis.
Private equity buyers have struggled to get traction in the recent wave of M&A, with the number of leveraged buyouts falling in 2014. But carve outs, such as the sale of Anixter’s fasteners business, have provided opportunities in an otherwise fallow patch.
Anixter did not immediately return a request for comment. Goldman Sachs declined to comment.
(Financial Times)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
