Distributors

Richmond Electric Supply Company sells to RESCO Acquisition

Matrix Capital Markets Group, Inc. announced the sale of Richmond Electric Supply Company, Inc. (“RESCO”) to RESCO Acquisition, LLC, an investment group comprised of RESCO’s recently appointed CEO, Mike Bourn, a leader in the electrical wholesale distribution industry, and other private investors.

Founded in 1983, RESCO operates as a full-line, stocking electrical wholesale distributor that serves commercial contractors, the government & military, residential contractors, and industrial and OEM markets both on a regional and national scale. RESCO is headquartered in Richmond, Va., with additional locations in Norfolk and Farmville, which opened in the fall of this year.

Mike Bourn, CEO of RESCO noted, “Without Matrix’s guidance on this very complicated transaction, a successful consummation would have been difficult. I also can’t say enough about the solid organization, customer base, and supply chain that Darryl Harman has built. I am excited about the opportunity to develop the RESCO brand in the traditions that have made it great.”

“After 30 years of building a prosperous company, I wanted to assure its success after my retirement. In selling the company to Mike Bourn, I have much greater confidence in its prospects for the future as an independently owned Electrical Distributor,” added Darryl Harman, owner of RESCO. “Further, I am confident that our valued employees will be able to grow under Mike’s leadership.”

Matrix served as the exclusive financial advisor to RESCO Acquisition, LLC and the transaction was led by Jeff Moore, Katie Millner, and Brady Hill. Matrix structured and raised the equity capital & debt financing and advised Mike Bourn and other local investors during the negotiation and successful closing of the transaction. Matrix also facilitated the purchase of RESCO’s existing real estate by a separate group of investors.

Matrix Capital Markets Group is a middle-market investment bank headquartered in Richmond, Va. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for privately-held and private-equity owned companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

Tagged with

Comment on the story

Your email address will not be published. Required fields are marked *