JULY 22, 2021 CHARLESTON, SC — Sonepar USA [Holdings, Inc.], a subsidiary of the privately held Sonepar Group, announced that it has entered into an agreement to acquire Springfield Electric Supply Company, expanding its presence in the Midwest.
A family-owned business headquartered in Springfield, Illinois since 1912, Springfield Electric offers a full line of products and services to electrical contractor and commercial accounts. Operating in Illinois, Indiana, Missouri and Iowa, Springfield Electric joins Sonepar with 19 branch locations, 350 associates, and a 100-year track record in the electrical wholesale distribution business. In 2020, Springfield Electric recorded sales in excess of $200m.
In the United States, Sonepar serves the market with a network of electrical and industrial distributors with 700 locations and coverage in all 50 states. The Springfield Electric acquisition signals Sonepar’s intent to grow its business in the 7thlargest electrical market in the country.
“Springfield Electric’s geographic footprint and strong performance makes this a highly strategic fit for us,” said Rob Taylor, President of Sonepar North America. “Its strong leadership team and culture of outstanding customer service aligns very well with ours. This acquisition offers Sonepar USA a very solid platform for growth and expansion in territories where we are not currently represented.”
Dan Dungan, Executive Chairman of Springfield Electric explained, “We had choices and chose Sonepar as our partner. Culturally they are a fantastic fit for our associate owners and align closely with our family values.”
Chris Scarbrough, CEO of Springfield Electric, added, “Joining Sonepar presents great opportunities for both our customers and associates. We look forward to working with Sonepar to leverage their resources and enhance our business capabilities, especially around digital solutions and customizable services. This union is the next chapter in our growth story.”
The acquisition is expected to close in August, subject to customary regulatory approvals.Tagged with acquisition, Biggest News, Sonepar, Springfield Electric Supply