Anixter Security Rebound and New Chief

By: John Honovich, Published on Oct 31, 2014

3 months ago, Anixter's security struggled significantly with revenue actually declining.

Then, this summer, Anixter shook up the industry, acquiring Tri-ed for $420 million.

Now, they are bouncing back, at least somewhat. In this note, we examine Anixter's Q3 2014 financial results, the integration of Tri-Ed and who is now in charge.

* ****** ***, *******'* security ********* ************* *********** ******** *********.

****, **** ******, ******* shook ** *** ********,********* ***-** *** $*** million.

***, **** *** ******** back, ** ***** ********. In **** ****, ** examine *******'* ** **** financial *******, *** *********** of ***-** *** *** is *** ** ******.

[***************]

**********

***** ****, ******* ******* ******** sales ********* *% **** over ****. ****'* * significant **** **** *** 2% ******* **** **** year ** *** ******** quarter.

******* ******** *******, ***** had ** ********* **** previous *******, **** ** 6% ******** ** ** ****.

*% ****** ** *** fantastic, *** ***** ************* off ***** **** **** pervious *****, *** **** them ***** ** **** to *** ******* ******** average *****.

******* ********* $*** ** $150 ******* *** ** 2014 ***-** *****, ***** is ******* **** ** very ******** ** ******** to ***** ** ***** rate ** **** / H1 ****.

Tri-Ed *** *** ****

** *** ******** **** [link ** ****** *********], Anixter ********** ******* ******* on *** ***-** **** and *** **********.

*** ***** ***** ******* CEO ********** *** ********* a "******* *** ** products *** *********, ************ in *** ***** ** intrusion *********, **** *** life ******." ***** ***** are *** ************ **** growth, *** **** **** to **** ****** ***** margins and *** *********** ** what ******* ******** ********** offered.

******* ***** **** ********** was ********** *******'* '*********' in **:

"*** ** *** **** advantages ** ******* ******* and ***-** ******** ***** from, ** *** *** significant ********* ** ******** protocol-based ******** **** ***** from ******* ***** -- that *** ***-** **** can ****** ** **** into ***** ******** ****."

*******, ** ******* ******, Tri-Ed's **** ******** **** are "******* *********** *** installers" *** *** ***** candidates ** **** ******** from ** ****** ** fast ******* ** ******, ********** ** ***** the **** *** ********** of **.

Tri-Ed **** ** ******

*********, ********** **** *** acquiring ******* ** *** in ****** ** *** entire ******** **********. *** here.

"*** ******** [**** ** longer *********], *** ****** President ** ***-**, ** now ******* *** $*.* billion ****** ******** ********."

******** [**** ** ****** available] ** ** *** school ******** ***. *** he ** *** **** running *** ~$*** ******* Tri-Ed **** *** *** entire ******** $*+ ******* Anixter ******** ******** ******* on *** *** ** high *** ** *** market.

* ****** ***, ******* ************ ******** problem ** '********* *******' and ******** ******** ******** leadership / **********. **** they **** * ****** level ********** ******** ***. ***, *** ****** Tri-Ed *********, ******** ** in ****** ** ********** security.

******* ** ******* ****** a **** *** *** that ** **** *** Tri-ed's ****** ***** ************ them, *** **** ***** executive *** ** ** for ******** *******.

Comments (3)

My biggest problem with Anixter (who has always been our biggest supplier) is not their knowledge about IP, its getting to that knowledge about IP. They are hideously understaffed - typically there is only 1 rep that i can usually ask my difficult questions and ask for help on designing a system with. The other reps usually fall back on that one rep (at least in my area) for his expertise.

The acquisition of Tri-ed brings in the core of the people that were running to ADI from anixter because of the lack of products. ADI still has its systems design help group, if Anixter gets smart and puts together one of those, ADI will have alot more immediate concerns.

Scott...why would you give a majority of your business to a distributor that is not providing value?

I just joined this company a short while ago, cant change the world all in a day. Its an already established relationship.

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