IMARK Electrical announced that at its special meeting of shareholders held earlier today, shareholders voted overwhelmingly in favor of the proposal to merge with AD.
The transaction is currently scheduled to close later this year, subject to the satisfaction of customary closing conditions.
AD and IMARK Electrical jointly announced their intent to merge in early June.
The merger signifies the strengthening of the Independent Electrical Channel and both IMARK Electrical and AD are excited about the anticipated benefits the merger will bring to Independents and the supplier community.
Bob Smith, CEO and President IMARK Electrical, added, “Industry response to the merger announcement has been universally positive within the AD and IMARK Electrical distributor communities and within the electrical supplier community. This is absolutely seen as ‘the right move at the right time’ and the vote reflected that. We’re excited about building the future AD Independent Electrical Supply Division and appreciate our mutual Boards’ strategic input and guidance throughout this process.”
Commenting on the hugely favorable vote, John Thompson, CEO First Electric Supply and Chairman of the IMARK Electrical Board, shared, “In talking to fellow IMARK Electrical members, we feel strongly that this merger will combine the best of both organizations and deliver positive results that will strengthen both AD and IMARK Electrical members and suppliers for years to come. We’re looking forward to closing the merger later this year and to officially joining the AD community.”
Overview of the Merger
This merger of equals within the U.S. electrical industry brings together two member-owned groups consisting of 725 independently owned independent electrical distributors in the U.S.
The new entity will be a division within AD called The Independent Electrical Supply Division, U.S. (IESD) and will be part of the overall AD community of 1,410 independents spanning nine construction and industrial verticals and fourteen divisions within the U.S., Canada, and Mexico.