World Class Wire & Cable to be acquired by Anixter

World Class Wire & Cable Inc., a Waukesha distributor of electrical wire and cable, has tentatively agreed to be purchased by Anixter International Inc. for more than $60 million.
World Class Wire generates approximately $60 million per year in annual sales from its operations in Waukesha. Its founder and president, James Lindenberg, has received several business honors recognizing growth and entrepreneurship. One of his recent honors was being named winner in the Ernst & Young Entrepreneur Of The Year 2007 Award in the Lake Michigan Area program.
Glenview, Ill.-based Anixter International (NYSE: AXE) is a global distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts. It announced Tuesday that it entered into a letter of intent to acquire World Class Cable at an anticipated price of $62 million in cash, plus trade liabilities for all of the assets and operations of World Class.
"World Class has an excellent team that has won many awards for its entrepreneurial drive and track record of growth," said Bob Eck, president and CEO of Anixter. "We believe the World Class team will be an excellent fit with our existing presence in the wire and cable market in the Midwest. This acquisition positions us well to drive even stronger future organic growth."
Anixter said it expects to complete the acquisition around Oct.1, following the finalization of certain contract terms and conditions as well as regulatory approval.