Anixter Solid Growth / Expansion Continues

By: John Honovich, Published on Aug 07, 2011

In this note, we examine Anixter's continued growth and expansion into the physical security / video surveillance market.  Q2 2011 results show good progress and no deceleration from the high levels of growth from earlier this year.

Key points from Anixter's Management Q2 2011 Earnings call [link no longer available] include:

  • Organic growth for security solutions was up 18% (this excludes the revenue increase from the Clark Security Products acquisition)
  • We estimate ~$800 Million for Anixter's annual run rate for sale of security products (for background, see our previous Anixter update).
  • In emerging markets, security sales growth is ~30%
  • Security is one of Anixter's top growth areas overall.

At this growth rate for the entire physical security market (18%), Anixter is clearly taking market share from incumbents. Its continued growth is making it one of the strongest players in the entire market.

Anixter is viewed controversally by many in the market, especially because of its frequent sales directly to end users.

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