CLEVELAND, Ohio — Madison Electric Products announced the acquisition of Smart Box Inc., the leading manufacturer of innovative non-metallic device boxes for the electrical industry, with plans for further growth in the product category.
“Madison has a focus on obtaining a larger share of the overall non-metallic box market,” explains Brad Wiandt, president of Madison, about the acquisition. “Having complete control of the Smart Box product line, while leveraging our internal capabilities, provides us the best opportunity for the line to realize its full potential.”
A part of Madison’s product portfolio since 2010, sales for Smart Box have grown steadily year-over-year. The mutually beneficial partnership between Madison and Smart Box creators Greg and Madeline Herth is what launched the company’s Sparks Innovation Center, the electrical industry’s first crowdsourced approach to new product development. This is also the first company Madison has acquired that has gone through the Sparks Innovation Center. By working together, Madison helped the Herths take their innovative product to a larger, national audience of buyers.
“Working with Madison has been a lifesaver for our small company,” said Herth. “I know the team personally and can rely on them to do what is best for us both. Transitioning ownership of Smart Box to Madison means longevity for our product. I am looking forward to seeing it carry on long past when I leave the industry.”
Committed to providing mutually rewarding experiences for the inventors they partner with, Wiandt explains that, “We want to bring Smart Box to its full potential, not only for the benefit of Madison, but also because we want to follow through on all of the hard work the Herths have put in over the past 10 years.”
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