Infast and MFU Help Anixter Achieve Record Revenue
Infast and MFU Help Anixter Achieve Record Revenue
Jason Sandefur
Anixter International Inc.’s fourth quarter acquisition of Italian fastener distributor MFU Holding SpA contributed to a 27% jump in revenue to a record $1.3 billion, which included organic growth of 22%. Q4 net income soared 160% to $52.4 million.
Anixter acquired all outstanding shares from MFU management and private equity investors for about $69 million in cash and assumed debt. In 2005 Anixter paid $98.8 million for UK-based Infast Group, which became part of Anixter’s OEM supply segment along with Pentacon, Walters Hexagon and Distribution Dynamics.
During 2006 Anixter’s revenue climbed 28% to $4.94 billion, producing operating income growth of 78% to $337.1 million and a 133% jump in net income to $209.3 million. Sales were boosted by $191.2 million related to the acquisitions of Infast in July 2005, IMS in May 2006 and MFU in October 2006, the company reported.
“2006 was a record-setting period of revenue growth and operating profitability for Anixter,” touted CEO Robert Grubbs.
North American sales grew 26.7% to $3.61 billion, while sales in Europe improved 35% to $980.4 million. Web: anixter.com �2007 FastenerNews.com
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