American Industrial Partners has closed its acquisition of the OEM Supply Fasteners division of Anixter International. This transaction was originally announced in February 2015. With the close of the transaction, the business has been named Optimas OE Solutions.
Optimas is a global distributor and manufacturer of highly-engineered fasteners and C-Class (high volume, low cost parts and materials) components used in the commercial vehicle, luxury automotive, agricultural equipment, power generation equipment, construction, and general industrial markets. The company’s products – Optimas has more than 100,000 SKUs – are designed for a specific application and are often engineered to withstand harsh operating environments that include extreme temperatures, high torque and exposure to the elements.
Last year, Optimas reported 2014 revenues of $939 million and operating profit of $39 million. Optimas has more than 4,000 customers in 15 countries and maintains a network of 74 distribution and service centers located across North America, Europe, and Asia. The company has approximately 1,950 employees and is headquartered in the Chicago suburb of Glenview (www.optimas.com).
“We are extremely excited to partner with AIP, who brings deep operating and industry expertise,” said Ian Clarke, CEO of Optimas. “As a standalone company, we look forward to implementing a strategic growth plan focused on serving our blue-chip customer base and enhancing our leadership position.”
AIP has a history of successfully buying industrial businesses, such as Optimas, and partnering with management to drive growth. “With a global market leadership position driven by deep, long-standing relationships, combined with a highly-customized product portfolio, Optimas is well positioned for growth worldwide,” said Eric Baroyan of AIP. “We look forward to supporting management to execute identified growth initiatives and to drive operational efficiencies at the company.”
American Industrial Partners invests in North American headquartered industrial companies with sales ranging from $100 million to $500 million and EBITDA up to $70 million. Transaction values are typically less than $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.americanindustrial.com).
The acquisition was funded by American Industrial Partners Capital Fund V, LP a $717 million fund that closed in December 2011.
2015 PEPD • Private Equity’s Leading News Magazine • 6-4-15
