Electrical distributor Anixter International Inc., Glenview, IL, is paying $58 million in cash and assuming $11 million in debt to private equity investors for MFU Holding S.p.A., Brescia, Italy, fastener distributor to Original Equipment Manufacturers. MFU is expected to have sales of $66 million in 2006.
Anixter is a global distributor of communication products, electrical and electronic wire and cable and a distributor of fasteners and other small parts.
'We are pleased to have acquired MFU and the excellent team of people involved at the company. It is a significant step in expanding the European portion of our OEM Supply business from its predominately UK-based presence to include a broader portion of the European marketplace," Bob Grubbs, president and CEO of Anixter, said.
'This acquisition not only expands the geographic scope of our OEM Supply business, but it also brings us a very complementary customer base to our existing base. Given our stated goal of building a strategic platform that will provide significant opportunity to drive organic sales growth, this acquisition is a very good addition to our existing business."
Anixter has locations in 227 cities in 46 countries.