CHARLESTON, SC — Sonepar USA, a subsidiary of the privately-held Sonepar Group, announced Dec. 8 that it has entered into an agreement to acquire Richards Electric Supply Company. This acquisition allows Sonepar to grow its business into Ohio and Kentucky markets and serves as another example of the Group’s continuing investment in North America.
A family-owned business headquartered in Cincinnati, OH, since 1937, Richards Electric will add four branch locations and 150 associates to the Sonepar network. Richards Electric expects to record sales in excess of $125M for 2021.
In the United States, Sonepar operates through a network of electrical, industrial, and utility distributors with over 700 locations and coverage in all 50 states. The Richards Electric acquisition follows Sonepar’s August purchase of Springfield Electric Supply Company in Springfield, Illinois and further builds Sonepar’s presence in the Midwest.
Rob Taylor, President of Sonepar North America, said: “Richards Electric’s footprint makes it a great strategic fit for Sonepar. It is a well-respected company with an outstanding track record of solutions-oriented customer service that aligns very well with ours. I look forward to our companies coming together and leveraging strengths to expand Richards Electric’s business opportunities.”
Commenting on the acquisition, Mike Misrach, Owner and CEO of Richards Electric, said: “We were attracted to Sonepar’s decentralized approach and their reputation as a global leader in electrical distribution. We believe Sonepar will bring best-in-class technology and distribution expertise to expand our business. We also share the same culture of a family-managed company that values employees and a first-in-service philosophy. We’re looking forward to the next chapter of Richards Electric as part of the Sonepar family and its network of great companies.”
Misrach sent the following announcement on to customers on December 7th:
We are pleased to announce that Sonepar USA has entered into an agreement to acquire Richards Electric Supply Company. We anticipate the acquisition closing later this month.
Sonepar USA, a division of the Sonepar Group, is an independent, family-owned company with global market leadership in business-to-business distribution of electrical products, solutions, and related services.
Upon joining Sonepar, Richards Electric will leverage Sonepar’s strengths to expand its ability to service customers through product offerings, supply chain efficiencies, new digital solutions and other customized services and capabilities. We are excited about the new ways Sonepar will help us grow and support your needs.
The Richards Electric brand name will continue and, rest assured, the First in Service support you are receiving today will continue uninterrupted with the same local staff and team.
On behalf of the Misrach and Wahl families, thank you for trusting us with your business. This transaction is a strategic investment in our future so that we remain your electrical distributor of choice now and in the years ahead.
The acquisition is expected to close in December, subject to customary regulatory approvals.Tagged with acquisition, Biggest News, Richards Electric, Sonepar USA