April 24, 2007 -- Anixter International Inc., a distributor of communication products, electrical and electronic wire and cable and fasteners, and other small parts (i.e. "C" Class inventory components) to OEMs, announced that it has acquired all of the outstanding shares of Total Supply Solutions Limited (TSS), a fastener distributor based in Manchester, UK.
Anixter says that the TSS product offering will complement its own, and includes a range of valued-added services and inventory management programs aimed at OEMs.
"We are pleased to have acquired TSS and the excellent team of people involved at the company," comments Bob Grubbs, president and CEO of Anixter. "This acquisition is another step in the geographic expansion of our OEM Supply business through the addition of important customers in Eastern Europe."
For 2007, TSS is expected to generate sales of approximately $22 million. Of the projected sales, approximately half will be in the U.K., with the remainder coming from Poland and the Czech Republic.
Anixter is paying approximately $8 million in cash, including the payoff of TSS debt obligations, for all of the outstanding shares of TSS.
"This acquisition not only expands the geographic scope of our OEM Supply business, but it also brings some very complementary customers to our existing base," concludes Grubbs. "Given our stated goal of building on our current strategic platform to drive future organic sales growth, this acquisition is a nice addition to our existing business."