EAST DUBUQUE, Ill. – Crescent Electric Supply Company, one of the nation’s largest independent distributors of electrical hardware and supplies, announced it has closed on a transaction to acquire Georgia-based Lowe Electric Supply Co. Financial terms of the deal were not disclosed.
This deal allows both companies to provide customers with an increased breadth of services across their served industrial and construction business segments. The combined entity also enables customers to benefit from more products, services and solutions through an enhanced geographic footprint. Lowe serves customers out of 13 locations across Georgia and South Carolina. Prior to this deal, Crescent operated out of more than 140 branches in 26 states, however, it did not have any branches or employees in Georgia or South Carolina. Combined, the company will operate out of more than 150 branches located in 28 states nationwide.
“Lowe is well known and highly regarded throughout Georgia and South Carolina, and we welcome them to Team Crescent,” said Scott Teerlinck, President and CEO of Crescent. “Their strong track record of exceptional customer service provides a solid base to accelerate future growth for both Crescent and Lowe by expanding our market presence and service offerings for new and existing customers.”
Lowe will continue to operate under its founder-led management team and be supported by the Crescent platform.
“We know the Lowe business is in excellent hands with Crescent, and it’s exciting to now be a part of a Top 10 electrical distributor,” said Jim Kinman, President of Lowe Electric. “Both Lowe and Crescent have long and deep family roots. We were founded in 1903 by Henry Lowe, and Crescent was founded in 1919 by Titus Schmid. Both sets of families are still involved in their respective businesses, and both cultures benefit from these family legacies. This is a great day, as we write a new and exciting chapter for our company, as well as our employees, customers and business partners.”
The Lowe acquisition is yet another element in a larger strategy by Crescent to make investments in itself to better serve customers. Crescent’s ongoing transformation also includes improvements to its operating footprint, digital transformation, and enhancements to supplier partnerships, among other strategic elements.
“We recognize how customer expectations and buying behaviors are shifting,” said Teerlinck. “We are embracing these changes as opportunities for Crescent to make strategic investments to better meet, and even exceed, these new and changing expectations. It’s an exciting time to be a member of Team Crescent, and we welcome our new teammates from Lowe to join our effort, and bring their ideas and best practices to help us deliver even stronger business outcomes.”Tagged with acquisition, Biggest News, Crescent Electric Supply