Anixter International Inc.
Discounted asset; 30-year hold
In 1984, we purchased a significant stake in Itel, a computer leasing company, which had substantial NOLs that were not reflected in its market enterprise value. Through Itel, we built a conglomerate with activities ranging from railcars to dredging. Ultimately, we focused Itel around one of its best investments, Anixter, a local wire and cable company because we saw its growth potential. Today, Anixter is a leading global supplier of communications and security products. We remain an actively engaged shareholder, Sam Zell still serves as Chairman.