Anixter Buys Slammer Specialist Tri-Ed

Author: John Honovich, Published on Aug 11, 2014

Anixter Security has been struggling in 2014, with revenue actually declining in the most recent quarter. In particular, Anixter has emphasized that they are doing poorly in the low end of the market.

And who better at the low end than Tri-Ed? (besides ADI)

The big news is that Anixter is buying Tri-Ed.

In this note, we breakdown Tri-Ed's financial details, examine the strategic fit and the financial impact of the deal.

******* ******** *** **** ********** ** ****, *********** ******** *********** *** **** ****** *******. ** **********, ******* *** ********** that **** *** ***** ****** ** *** *** *** ** the ******.

*** *** ****** ** *** *** *** **** ***-**? (******* ADI)

*** *** **** ** *********** ** ****** ***-**.

** **** ****, ** ********* ***-**'* ********* *******, ******* *** strategic *** *** *** ********* ****** ** *** ****.

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

Price / ****

******* ** ****** $*** ******* *** ***-**. ****'* ******** **** than ***-**'* ****** *******, ***** *** **** * **** ******* ($*** million).

** ***-** *********** * *** ** ******** ********* *** ***** net ************* ** **** ** *** ********, **** ******* ********* an '******** ******' ** *%. ** ******, **** ****** ****** out ********* ****** **** ********, ***** *** ************ / ************. Factoring **** **, ** ** ******** ***-** *** *** **** profits, ***** ** *** ********** ***** *** *********** *** ************ business **.

******* ******** ******** ** ****** **** ***-**'*. ** ******** *******'* annual ******* *** ******** ** ** ~$* *******.

*** *********** ***** ******* ** ******* ********** **% ** ****.

*******

******* **** **** ***** *** * *********** '*******' ** *** ***-** that **** ***.

Tri-Ed's ******* *********

*******'* *********** ******* **** ******* ** ***-**'* *******:

  • *****: **% / $*** ******* ** ***-**'* ******* ** **** video
  • *** ***** **% ** ***-**'* ******* ** **** ********** **** - ******, *********, ****, ***. [*** *********]
  • ** ********: **% / $*** ******* ** ***-** ******* ** from *** **, ******* **** ******
  • *********** *****: **% / $*** ******* ** ***-**'* ******* ******* is **** *** *********** ******, *** **** **** **********
  • ****** ********: **% ** ***** **** **** **** ********
  • *** *** ******* ********: **% ** ***** *** ** ******* with **** **% ** *********** *** **% ** ******** ********

*** ****'* *** ***** **** *** ****:

Previously ******** ** ****

***-** *** ********* **** **** *** ***** ***** ******* ******* ***** *****. *** ***** ***** ** ****, under ********* ** ****** ****** ******** ***-** *** ******** **** ***** *********** ********. 

Recent *********

***-** ****** *** ********* *** ********* ** ****** *****, **** recently ********** **************** *********** ***** *** ********* **.

Consolidation ******** ************ ** *** **

*** **** ****** **** ********* ** ** *** **, *** core ****** ** **** *******.

** ******** **** ******** **** **** ******* *** ~**% ** security ******* ***** ** *** **. **** **** **** **** be **** **********, ** ********** ***** *****. *******, **** **** not ** *** ****** ** ********* / ***** *** ******.

***** ************'* ******* ********* ** ******** *********** *********** ** *** Internet ***, **** *********** **** **** **** ******** ************, ********* duplicative *********.

*************

******* *** ***-** **** ************* ******** ** ********* ***** ** the ******, **** ******* ***** ******* ** *** **** *** IT ****** *** ***-** ** *** *** ***.

** ************, ***-** ***~** ******** ****** ******* ********** *** **, **** **** *** *********** **:

******

****** ******** ******* ** ***** *** ***** *** ** *** market, **** *** ***** ******* * ****** / ***** ******** throughout *** **, ***** ***** ** ** ***** **** ** its ****** *********.

*** ** **** ****** ** ** ******** / **** ** this **** ** ** ******* * **** ********** *** ****.

Comments (28)

John Honovich

IPVM | 08/11/14 02:09pm

****:

Undisclosed Integrator #1

08/11/14 02:13pm

** ** **********, *** ****'* ******** ******* ** ** **** and *****. ******* ***. *** ** *** ******* ** ***'* do ******** **** *******. *** **** ** * ****** *** to ** ******** **** ***-**. *** *** *** *** ********** fall ** *** *** ****** *** ****** ****** ***** *** to *** **** ******** *** ************* *** **** ** *** distributors **** ***'* *** ** ****** ** *** *** *** market.

John Honovich

IPVM | In reply to Undisclosed Integrator #1 | 08/11/14 02:17pm

*******:**** ******* **** ****** ** *** *****? ***

Undisclosed #2

In reply to John Honovich | 08/11/14 02:32pm

***** **** (***?) *********** ************* ** *** ******* * ****** to *** **** ***** *****, ***** *** ***** **** **'* a ******* ********. ***** * *********** ** **** *** ***** onto ** * *********** ****-******.

***** ** * ***** *** ******* ******* ** ******* ****** end-users **** *** ***% ******* ** ***** ***** *** "**********". If *** **** ** ******** * *********** ******** *******, ****** a *********** **** ******* ***** ***** *** **** *** ******** your *********, ** ** *****.

**** **** ************* **** ***** **** ***'* ******* ****, **** isn't ****** ***% ****.

Undisclosed Integrator #1

In reply to Undisclosed #2 | 08/11/14 02:39pm

* ********** **** *** ***'* ****** ***** ****. ***, * know ***** *** **** **** ***** ********* **** *** ****** their *** **** *** * ***'* ****** ***** *********** ** be ***** ** ****** '*** **. *** **** * **** seeing ******* ** ****** ***** ***, ***** *** *****, ******* they *** ******** ***** ***** **, **** **** ** *** bed **** ****. *'* ****** ** ****** ** *** ***** or ***** ** ** ****** ** **** *** *** *** one ***** *** **** ** *******. *.*. *** ******* **** referenced *****, "**** ******* **** ****** ** *** *****? ***"

Undisclosed #2

In reply to Undisclosed Integrator #1 | 08/11/14 02:43pm

* **** *** **** ******* ********* ** **** *****, ********** because **** ********* ***'* **** ** ************ *****. **** **** are ******* ******* *** ** ********* **** ** *** ***** is *** *********? *** ***** **** ***** **** ***** *** end **** ***** *********** ** ***** *** *******? *** **** bidding ** * ****** ***** ** ** * ****** ***** level?

John Honovich

IPVM | In reply to Undisclosed #2 | 08/11/14 02:45pm

**'** ******* *** ** ********* **-***** *** *********** ****** **************** ** *** *****.

** *** *** ***** ** **** ** **** *****.

**** ****** ** *** ********** ** *** ******* / ***-** deal.

Undisclosed Integrator #1

In reply to John Honovich | 08/11/14 02:49pm

...*** * **** ** ******* **** ** ** **** **** detail *** *** *** ******* *** ***** **** **** ******* to **** ** *****. ** ******* *** **** ** ******* our ***** **** * ******** ****** *** **** ***** ********* our ******** *********, *** *** **** ***** ** ******** ** this **********.

Undisclosed Integrator #5

In reply to Undisclosed #2 | 08/12/14 03:47pm

**** *'** **** **** ** ******** ***** **** *** ***** is: **** **** *** *** **** ******** ********* *** *** hardware *** ** *** **** ***** ************, ******* ***** *** of ***** ******* *********** *** *** **** ***** *** ******* only. **** **** ***** ** ** ***** **** **** *** they **** ********* *** ****** **** ** ***** $**.** ***** market *** ** * ****** *** **** * *** ** be ******* ** ** ** **** *****. ****** **!!!! ** Anixter ****** ** ***** ******* *** *******, **** ***** **** with *** *** **** ** *** *** ******, ***** *** integrator ** ** *** ***** *** *** *** **** ***** the ****** ******* ** *** *** **** ***** ******* ** thier ********. ***** ** *********** ***** ****? ** *** **** is ***** ***** *** *******, ***** - *** ********* **** should ***** ** ******* *** ********** *** **** ******* **** have *** ****** **** *** ********** *********, *** **** **** have * ******* ********** ** **** **** ** **** **** run **** ******* ** *** ******* & **** ********** *** the ********** ** ********** **** *** **** ** *********** *** future ******** **** **** ** ***** ******* ** ****** ******* projects.

Undisclosed #2

08/11/14 02:25pm

* ***** **** ** * "**** ****", *** **** *** a ****** ******** ****** ** *******'* ****.

**** ****'* **** ** *** ***-** ** ***** ** ****** the *** *** ** *** ******. ******* ***** **** **** as ****** *** ***** ******, ** ******** ****-**** ** *** budget ***. * ***** ***-**'* ******* ******* ****** ** *** rid ** **** ******** *** ******* ******* **** **** ** keep *** ** ******* **** **** ***** **.

* ***'* *** *** ************ ******** ****** * *** ** glamorous ******. ***** **** ******* ****** *** ******** ** ******** directly *** ****** *********. ***** *** * **** **** * large ********** ** *********** *****/***** **** **** ******** (** ***** somewhat) *** **** ***** ** *** **** ********* ****** *** advice ** ***** *** ********. ***** **** * ***'* ****** see *** **** *****, *** **** * *** ** ****** that **** ***** ******** ****** ** *** ******* ******** *** they're ************* *** **** *********** *** *** *** **** * manufacturers *******.

************ ******* *** ***** *** *********** **** ***'* **** ** need ** ***** * *** ** ******* *** ***** *****. But **'* ***** ** ***** **** ************ **** * *** of ********* ** *** ******* ****** ***********. **** **** ***** get ***** *** ******** ***** * ******* *** **'* **** along *** ***** ** "**** * ***** ******** ********* ***** a ***".

**** ******** ** * **** *****-**** **** *** *******. ****'** pick ** **** ******** *** ***-**, *** ****'** ******** ** able ** *** * *** ** ********* **** *** *********** some ******* *** *********. *** **'** *** ***** ** *** Anixter (** *** ***** ******* ***********) ******** ****** ** * force ** *** ********.

Thumbnail pp 5

Brian Rhodes

IPVMU Certified | 08/11/14 02:47pm

*** ***** **** ****** *** ** ** ** ******* ** the ******** ***** ** **** **** * ****** **** *******. ($420M ** $****)

**** *** ********* *** ******* *** ******** ************ ******?

John Honovich

IPVM | In reply to Brian Rhodes | 08/11/14 02:54pm

******: ****** *********.

**** ************ ************* ********* *** ** ** ****.

**** ** ** **,**********, ***.

Undisclosed Distributor #3

In reply to Brian Rhodes | 08/11/14 02:58pm

*** *****, *'** **** *** **** ****. **'* * ********* business **** ***** **** *******. ** *********** * **** ********, eventually *** *** *** ** ***** ** ** *** ****** and ***-*** ******.

Undisclosed Manufacturer #4

08/11/14 03:33pm

* ***** **** **** ** * **** **** *** *******.

** **** ** **** ************ *** ***** ******** ***** ** completely *********. * ***** ******* *** * *** ** ********** with *** *********** ******** ******* ******* ** ***** **** ** showrooms/counter ***** *** ***** ******** ** ***** ***** ****. **** is ********** ********* **** ***-**/*** ***** * ****** *** **** in *** **** * ****** ***** ****** * ****** *********, a **** ******* *** * *** *****.

**** ******** ******* **** * *********** ******** ************ ********, *** that ** ****** ********* ** *** **** ** ******* ******* alarm/access/video.

****-****, * ***** **** ******* **** *** *** ******** ******** in ******** **** ***** ****-***-***** ********** *** *** ********* **** together ** *** ****** *****. * ***** *** ** ********* if ******* ****** ***** ******** *********** **** *** ***-** *** and ******* *** ***** ***** "******* ***-**" (***** *** ***-** name ********** ********** ** * *** *****).

***-**-*** * **** **** *** ******* *** ** * **** price, *** (*********** *** **** ******* **** **** **** **** both ************* ***** ******** *****...)

Rukmini Wilson

In reply to Undisclosed Manufacturer #4 | 08/11/14 08:23pm

**** **** **** ****** ** ****** **** ****** ** **** a *** ** *** *** **** **** *** ***** ******* in * ****** ********.

*** ****** ***-**'* ******** ***** ** **** **** **** *** than ** ** *******'*, ** *******'* ************* ****** **** ** ADI - ***-** **** ***** ******* **** ***** **** *** Tri-Ed ******* ***. ********* ***** ***** ** ** ****** ** price ******** *** *** ** **** ******** * ***-**** **********, but ***** **** ***** **** ** *** **** ********* *******, the *** ******** ***** ****** ** *** ** *****. ** it ***** ***** **** ******* ***** *** **** **** *** would, ****** ** *** *** *** **** ** *** ****, they ***** **** *** **** ** **** *** ***** ** high ******** *** *******.

*** ******* *** ***** ***** "******* ***-**"...

* *** **, ** ******* *** *********: " *** ****-**." Unless ** ****** **** **** ******** * ******* ***** "****". :)

Thumbnail fullsizerender

Ari Erenthal

In reply to Rukmini Wilson | 08/11/14 08:28pm

* *** **, ** ******* *** *********: " *** ****-**." Unless ** ****** **** **** ******** * ******* ***** "****". :)

***************.

Undisclosed Manufacturer #4

In reply to Rukmini Wilson | 08/11/14 09:38pm

*****!

Daniel Tyrrell

In reply to Undisclosed Manufacturer #4 | 08/12/14 12:33am
*** ***-** ** ** **** ** ** ************ ******** ** ADI, * **** **** **** ***** **** ***** **** ******* to ***-** ***

Pat Villerot

08/12/14 12:58pm

**** *** ******* ********* ******* ** **** ******* ** ***** slammers? *'** ***** **** *** ***** ** ****.

John Honovich

IPVM | In reply to Pat Villerot | 08/12/14 01:51pm

***-**? ***. * ** **** **** *** ***** **** ***** branches **** **** **** ********* ***** ******* **** **** *********** *** *** ********* ** ***-** *** much **** **** ****.

*** ***-**'* ******* ********* (********** ** *** ***** ****) ******** that.

robert tabbara

08/12/14 01:12pm

*** **** **** ***** **** ** **** ******* **** *** $130M ****. * **** **** ***** *** *** ********* ******** but **** ** ***** ****. * **** ** **** *** of ************** **** *** **** *** * ****** **** ** the *** *********. ******* **** **** ******** ***** *****, **** helped ****** *** ******** *** ****** ***** ******* *********** ** China **** *** ******* **** *** ****** *** ***********.

John Honovich

IPVM | In reply to robert tabbara | 08/12/14 01:49pm

***, ******* **** *** $*** ******* **** ** ******** **** than */** ** ***-**'* *******. ***** * ********...

Daniel Nissan

08/12/14 02:35pm

**** **** ****** **** ***** *************** ******** **** ***-**? **** Anixter ** **** ** **** **** ** *** ** ***** overseas ********?

Undisclosed Manufacturer #6

08/12/14 04:22pm
**** ** **** **** *********** **** **** *** ******** ********. The "****** ********" (**** *****) ** ******* **** ****** **** the ***** *** "*** ******" ** ***-**...**** ** ** ******** uninteresting ** ** **** * **** *** ** ***** **. I'm **** *** ******* **** ** *** *** ******** ******. Um, ** ******** ** ***** **** ***, ******.

Paul Kozonasky

IPVMU Certified | 08/12/14 04:29pm

* *** ******** ********-*-** ***** ** * **** *** ****.

John Grocke

08/12/14 04:50pm

**** **** ******* **** ***** ** **** ** * ***** grocery ***** ***** ****** * *********** ***** *****.

***, **** **** **** ****, ****, ****, *****, *******, *** dog ****, *** *** ********* ********** *** ******** *******.

** *** **** ** *** ********** *** * ***** ************ dinner, *** ** ** *** ******* ***** (*******). ** *** need * **** ** ***** ** * *****, ** ** the ****** ******* **** (***-**).

Undisclosed Manufacturer #7

08/12/14 06:38pm

******* **** *** * ******** ********. ********* **** ******* ** valuable ******* ** *******. ** ***** *****. ** ***** *******. Once *** *** * ******* ** *** ****** ** **** on *** ******, **** ** **** ****** ** * **** mfg ** ********** *****. **** *** ***** *** ** ***** for ****. *** *** ****** ******* ********* **** ** *** telling ****.

******** **** *** **** *** *** **** **** *** ***********. These **** *** ******* *** *** ******* ** *** *** user *** ***. ***** **** ** **** ** *******. **** at *** ************* ** ****** ********* *** *** ***.

********** ****** ********* **** ******* ** ** *** **** *** this ********.

Rukmini Wilson

08/13/14 10:23pm

** ******** **** ******** **** **** ******* *** ~**% ** security ******* ***** ** *** **.

** ******* **** **** ************ ** *******?

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