Anicom Pays $8.3 Million For Two Wire Companies
May 17, 2011
ROSEMONT, Ill. -- Anicom Inc. said it acquired Norfolk Wire & Electronics Inc. and Western Wire & Alarm Products Inc. for a total of $8.3 million in cash and stock. The maker of multimedia wiring products said Norfolk Wire, based in Virginia Beach, Va., is a distributor of wire, cable and fiber-optic products. Western Wire, Denver, distributes wire products for sound and security markets. The companies had fiscal 2010 revenues of $20 million and $2 million, respectively. Anicom also said it agreed to sell one million of its common shares for about $13 million to a group of institutional investors, including Northwestern Mutual Life Insurance Co.. The transaction is expected to close in the next two weeks. Proceeds will be used for acquisitions and corporate purposes, the company said.
