Anixter International, global distributor of communication and security products, announced that it has acquired all the outstanding shares of Clark Security Products and the assets and operations of General Lock.
Clark, based in San Diego, California, is a distributor of security products and locksmith supplies throughout the United States. Clark's broad array of products includes locking hardware, access control devices, closed circuit television, along with various technical support services. Anixter will pay consideration of approximately $36.6 million in cash for all the assets and operations of Clark. The final purchase price will be determined when the net asset balance of Clark is confirmed. Annual sales for Clark are expected to be approximately $115 million for 2010. Anixter expects the acquisition to be accretive to earnings in the first full year of ownership.
Commenting on the acquisition, Bob Eck, President and CEO of Anixter, said, "We are pleased to have Clark become part of Anixter and look forward to gaining their insight and partnering with the excellent team that has successfully led these two businesses. As a market leader, Clark immediately positions Anixter as a significant player in the access control market. Combined with Anixter's existing security business, we will continue to lead the security market as it increasingly migrates towards IP (Internet Protocol) based systems. By leveraging Anixter's geographical presence and logistics capabilities, we will first expand the reach of Clark's product set across North America and then into international markets, which is consistent with our stated strategic growth initiatives."
