The acquisition market has been relatively quiet for the past six months. There have been some manufacturer rep deals as well as numerous manufacturer deals (although not many that are relevant to the core electrical distribution market.) Many have asked “when will acquisitions be kicked-in?”

There is no way of knowing but there are conversations being had. Perhaps the changing tariff market delayed conversations? The relatively flat market in many parts of the country? The fact that 130 distributor deals were done over the past five years and either some of the remainder want a premium price or perhaps acquirers don’t see value in some (smaller ones) or that there are few for sale. We know some were considered but that acquirers declined.

LindFast Enters Electrical Market, Acquires AZ Wire and Cable

But here’s an interesting deal that few may have seen. A new entrant to the electrical industry.

According to a press release from LindFast,

“LindFast Solutions Group (“LSG”), a Nautic Partners portfolio company, announced it signed a
definitive agreement to acquire AZ Wire & Cable (“AZ”), a MFG Partners company, on November
26, 2025.

The transaction is subject to customary closing conditions, including required regulatory filings,
and is expected to close by year‑end.

Pending close, AZ will continue operating independently under its current ownership, ensuring
continuity for customers, vendors, and partners. AZ will continue to operate under its current
leadership following the closing.

“Today marks an exciting milestone for LindFast Solutions Group as we continue our growth
journey by welcoming AZ into our organization, expanding our cross-sell capabilities and further
diversifying our platform. We are excited to partner with the AZ leadership team, including the
Anixters (Darren, Eric, and Todd), whose long-standing family legacy in the wire and cable
business has set the standard for excellence in the industry”, said Mike Spencer (CEO, LSG).
“Their leadership and vision have built a foundation of trust and innovation that we are eager to
carry forward. Together, we will seek to strengthen and expand the LSG and AZ businesses,
creating a platform with the opportunity to accelerate growth quickly, deliver greater value to our
customers and vendor partners and unlock new avenues of growth for the future.”
Chris Pierce, Nautic Managing Director, said, “We are looking forward to partnering with the AZ
management team to build on their legacy of success. We are confident that Mike Spencer and
the LSG team will accelerate AZ’s growth, building on the growth trajectory that Mike has instilled
at LSG.”

Fielding Jenks, Nautic Senior Vice President, said, “Under common ownership, we believe LSG
and AZ mutually benefit from cross sell synergies in both directions.”

Todd Anixter, Executive Vice President at AZ, said, “The partnership with LSG represents an
exciting milestone for AZ as we continue our growth journey. By combining with LSG, we look
forward to delivering our wire and cable products and services to LSG’s vast network of facilities
and customers.”

Founded in 1988, AZ Wire & Cable is a premier master distributor of industrial, commercial, and
specialty wire and cable, offering a full range of value-added services including cutting, reeling,
paralleling, striping, and coiling.

The company is headquartered in Northbrook, IL and has 8 additional locations in New York, North
Carolina, Florida, Texas, Colorado, Arizona, California, and Oregon.

LindFast Solutions Group (“LSG”) is a leading master distributor of standard and specialty
fasteners—including metric, imperial, stainless, and exotic varieties—as well as tapes and
specialty manufacturing products. Serving as a critical link in the supply chain, LSG combines its
unique product offering with virtual warehouse services to deliver unmatched value. In addition,
LSG provides distribution customers with a comprehensive range of value-added services,
including break bulk, packaging, kitting, plating, coating, military programs, and guaranteed stock.
Nautic Partners acquired LSG in 2019 in partnership with management.”

Thoughts on LindFast and AZ Wire & Cable

For those not familiar with AZ, the company is a master distributor focused on the electronic and industrial market.

Both companies are / were owned by private equity firms with AZ acquired only two years ago. Aside from organic growth, AZ benefited from growth in the industrial market as well as copper price increases.

And some may recognize Mike as he worked for Anixter and then was VP Construction-East for Wesco.

The master distributor model is rare in the electrical industry but can be very beneficial for a distributor in helping with “hard to find” or rarely needed items. Other applications include serving customers with brands the distributor does not carry. In some industries it is more cost-effective for a distributor to aggregate purchases of small quantity suppliers to a master distributor. LindFast has a number of different fastener types / brands under their umbrella. This acquisition gives them similar in wire with some cross-sell opportunities. It then begs the question of “what else goes with fasteners and/or wire?” Time will tell.