CamBar acquisition approved

By Staff -- Industrial Distribution, 10/1/2000

Charleston, S.C. Cameron & Barkley's employee-owners approved the company's acquisition by Netherlands-based Hagemeyer, N.V. in mid-September. Hagemeyer announced its intention to acquire CamBar, one of the country's largest MRO distributors, in June, but the deal was subject to approval by CamBar's employee-owners. The purchase price for the employee-owners' shares is $264 million. Hagemeyer will assume a net debt position of $54 million, according to a company press release. With the September vote, CamBar becomes part of Hagemeyer PPS North America, a subsidiary of the group's Professional Products and Services division, whose other units include Tristate Electrical & Electronics Supply Co. and Vallen Corp., both acquired l ast November. The combination makes Hagemeyer PPS North America an even bigger player in the U.S. industrial distribution market. The division has annualized revenues of $1.5 billion, making it a key contributor to Hagemeyer's overall revenue base of $7 billion. Headquartered in The Netherlands, Hagemeyer is a global distribution group with 17,000 employees operating in more than 60 countries. The group's operations are centered around two core business-to-business areas: Professional Products and Services and I nformation Technology Products and Services. Cameron & Barkley had sales of $732 million in 1999 and ranked No. 12 in ID's list of the Top 100 Distributors this year (June 2000 issue). The firm focuses on industrial, electrical, safety and other MRO products, along with integrated supply programs. Founded in 1865, CamBar has 2,000 employees and locations in 24 states-mainly in the Southeast, but also in the Midwest and Northwest-as well as in Canada and Mexico.