Anixter International, which supplies communications and security products, said on Wednesday that private equity firm Clayton, Dubilier & Rice had offered to buy the company in an all-cash deal valued at about $3.8 billion.
Bill Galvin, Anixter’s president and CEO, is expected to continue leading the company after the transaction closes. On an earnings call Wednesday morning, Galvin said Clayton, Dubilier & Rice had a strong track record helping companies like Anixter grow, and the two firms had similar cultures.
“We weren’t looking to go private,” he said. “We were running the company as a public company and we’re prepared to do that. We’ve been very public about what our strategy is long-term and we were approached by a company that we felt was a serious — seriously interested in our company. And of course, it’s our responsibility, our fiduciary responsibility to consider serious companies. And that is how we started in this venture.”
Full Content: Chicago Tribune
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