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© yuriy chaban dreamstime.com Business | February 05, 2016

Premier Farnell selling Akron for $224 million

Premier Farnell – along with its subsidiaries, Celdis Limited and Premier Farnell Corp – has entered into a conditional agreement with respect to the sale of Akron Brass to IDEX Corporation for a cash consideration of USD 224.2 million.
Total consideration of USD 224.2 million (GBP 153.8 million), payable in cash on completion, subject to customary adjustments. The offer represents an enterprise value of approximately 8.8x Akron Brass FY15 EBITDA.

“Following the completion of the operational review and the conclusions announced in December 2015, the sale of Akron Brass marks the next important milestone in the strategic refocusing of Premier Farnell. The review confirmed that there are significant opportunities to improve the operational and financial performance of Premier Farnell. The sale of Akron Brass will enable us to focus on executing the initiatives identified as part of our review in order to restore growth in profitability in FY17,” said Mark Whiteling, Premier Farnell Interim Chief Executive.
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