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

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

Login to read this IPVM report.
Why do I need to log in?
IPVM conducts unique testing and research funded by member's payments enabling us to offer the most independent, accurate and in-depth information.

Related Reports

Forget The Backdoor, "ALL HIKVISION PRODUCTS" On Sale on May 18, 2017
Less than 2 weeks after the Hikvision Backdoor was confirmed, Hikvision has launched a sale "ON ALL HIKVISION PRODUCTS". In this note, we examine...
ShotSpotter To IPO, Facing Low Revenue and Losses on May 17, 2017
A rare event for North American security manufacturers is upcoming. ShotSpotter is planning to IPO on the NASDAQ, aiming to raise $34.5...
FLIR Is Giving Away $3,000 Demo Kits on May 17, 2017
Everybody likes free stuff, and FLIR is using that concept to attract dealers by giving them $3,000 worth of demo gear for attending a...
ADI's 'Elves' Selling Direct on Amazon on May 14, 2017
Buy from Amazon, get delivery from ADI. What? Recently, we bought a part from Amazon and the shipment came from ADI. We dug into the...
Selling and Valuing Security Integrators on May 12, 2017
This ia a tutorial in how to (1) determine your security integrator's value and (2) to sell your security integrator. If you own an integrator,...
Kedacom Targeting Hikvision, Dahua Entering US on May 03, 2017
A publicly traded company with a $1 billion dollar market cap is directly aiming for Hikvision and Dahua. Kedacom, listed on the Shanghai stock...
US Air Force Cancels Hikvision RFQ on May 01, 2017
The US Air Force has cancelled an RFQ for Hikvision video surveillance, following IPVM notifying the Air Force that Hikvision products are made in...
Bain Sells Off Uniview on Apr 30, 2017
Bain Capital has sold off Uniview to a Chinese company. Uniview is the self-proclaimed "#3" in China video surveillance behind Hikvision and...
Anixter CEO Admits Price Deflation and Non-Exclusive Integrator Sales on Apr 26, 2017
Anixter's CEO has admitted to (1) price deflation impacting IP camera sales and (2) not always being 'exclusive' with security integrators. In...
Axis Posts Strong Q1 2017 Financial Results on Apr 24, 2017
Axis posted strong numbers for Q1 2017, after having some challenges in 2016 (Q1 2016, Q3 2016). Inventory levels and overall spending show...

Most Recent Industry Reports

Axis Criticizes OEMs: "When You Buy An Axis Camera, An Axis Camera Is What You Get!" on May 19, 2017
When you buy a Honeywell camera, you likely get a Hikvision, Dahua or some other company's product. The same goes for easily 100 different...
Hackable 125kHz Access Control Migration Guide on May 19, 2017
Despite being one of the most popular credentials, 125 kHz credentials are easily copied and insecure as we showed in our test results, video...
Forget The Backdoor, "ALL HIKVISION PRODUCTS" On Sale on May 18, 2017
Less than 2 weeks after the Hikvision Backdoor was confirmed, Hikvision has launched a sale "ON ALL HIKVISION PRODUCTS". In this note, we examine...
Amazon Techs Installing IP Cameras Tested on May 18, 2017
In 2015, Amazon started offering video surveillance installation. Now, Amazon has made it a lot easier, with automatic add-on options and...
Hanwha Recorder Vulnerability Analyzed on May 18, 2017
ICS-CERT has released a vulnerability notice for Hanwha SRN-4000 recorders.  Hanwha provided additional information to IPVM about this issue,...
ShotSpotter To IPO, Facing Low Revenue and Losses on May 17, 2017
A rare event for North American security manufacturers is upcoming. ShotSpotter is planning to IPO on the NASDAQ, aiming to raise $34.5...
DMP Video Doorbell / Access Reader Examined on May 17, 2017
Consumers increasingly demand video doorbells, with "doorbells selling like hotcakes, everyone wants a doorbell", according to ADT's CEO. At ISC...
FLIR Is Giving Away $3,000 Demo Kits on May 17, 2017
Everybody likes free stuff, and FLIR is using that concept to attract dealers by giving them $3,000 worth of demo gear for attending a...
Shark Tank Startup Guard Llama Mobile Panic Tested on May 16, 2017
A Shark Tank TV show appearance has attracted big attention for Guard Llama, a security startup touting a 'panic button' paired with mobile app...
Axis Beats Avigilon Growth Rate (AVO Q1 2017) on May 16, 2017
In what is likely the first time ever, Axis beat Avigilon's revenue growth for Q1 2017. Inside this note, we examine Avigilon's Q1 2017 financial...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact