Audax Group has agreed to sell Tri-Ed, a supplier of security and low-voltage tech products, to Anixter International for $420 million. The deal is expected to close near the end of the third quarter of this year.
Commenting on his firm’s acquisition, Bob Eck, president and CEO of Anixter, said in a statement: “The acquisition of Tri-Ed is a strategic opportunity for Anixter and our security business, consistent with our vision to create a leading global security platform and to accelerate profitable revenue growth. Through expanding our offering into highly complementary product lines, our customers will benefit from a broader set of products and solutions in the areas of video, access control, fire/life safety, and intrusion detection.”
Based in Woodbury, NY, Tri-Ed provides about 110,000 products to over 20,000 dealers and customers. In the year ending on June 30, 2014, Tri-Ed generated about $570 million in sales and $36 million in adjusted EBITDA.
Greenhill & Co. was the financial advisor on the transaction while KPMG served as accounting advisor to Anixter.