By Anthony Capkun
July 16, 2015 – Calling it the largest acquisition in its history, Anixter International Inc. has entered into an agreement to acquire the Power Solutions segment of HD Supply for $825 million US (subject to customary post-closing working capital and other adjustments).
“In addition to transforming our existing utility business into a leading North American distributor to the utility sector, this acquisition will enable us to provide a full-line electrical solution to our existing customers, and will provide us with broader access to the mid-size electrical construction market,” said Bob Eck, Anixter’s president and CEO.
Headquartered in Atlanta, Ga., Power Solutions distributes over 200,000 utility, electrical and industrial MRO products to about 13,000 customers—including investor-owned utilities, public power utilities, electrical contractors and industrial businesses—via approximately 130 branches located in four Canadian provinces and 30 U.S. states. Power Solutions reported fiscal 2014 revenue of $1.9 billion and adjusted EBITDA of $79 million, says Anixter.