Anixter completes purchase of Pentacon

Oct. 11, 2002
Oct. 11, 2002 - Deal designed to complement specialty wire business.

Anixter International Inc., a distributor of communication products and "C" Class inventory components to Original Equipment Manufacturers, has completed the purchase of the operations and assets of Pentacon, Inc.

Headquartered in Chatsworth, Calif., Pentacon is a distributor of fasteners and other small parts to OEMs and provider of inventory management services. Pentacon has 30 distribution and sales facilities in the United States, along with sales offices and agents in Europe, Canada, Mexico and Australia.

Anixter paid a total of $108.2 million for accounts receivable, inventory, office and warehouse equipment and furnishings together with select other assets. Anixter also assumed pre-bankruptcy trade liabilities of Pentacon totaling $16.5 million. Lastly, Anixter has agreed to hire the existing Pentacon employees and assume the lease obligations for current operating facilities.

"I would like to thank all of the customers and suppliers of Pentacon who stayed the course through this period of uncertainty," says Bob Grubbs, president of Anixter. "As we said at the outset, Pentacon's business model and position as a value-added distributor are perfect complements to our current specialty wire and cable OEM business."

Anixter is based in Skokie, Ill. For more information visit
www.Anixter.com.

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