EVERY WEEKDAY FOR THE REST OF THE YEAR, TED MAGAZINE IS COUNTING DOWN THE TOP 20 STORIES OF 2018. BELOW, THE #2 MOST-VIEWED STORY OF THE YEAR, ORIGINALLY PUBLISHED ON MARCH 12, 2018.
tED magazine has learned Mayer Electric Supply has acquired The Hite Company in a deal that will go into effect on March 26, 2018.
The Hite Company sent tED the following news release:
For almost 70 years, The Hite Company has served the PA, WV, and NY markets as a family-owned, independent electrical distributor providing electrical products to contractor, governmental, industrial, and commercial customers. Started in 1949, The Hite Company has grown to 22 locations in three states with sales revenues over $143 million.
“In order to continue to grow and provide future opportunities to our almost 300 full-time associates, The Hite Company needed to seek out a strategic partner of scale, covering a larger geographic footprint and having larger capital resources,” says R. Lee Hite, Chairman. The Hite Company contacted Mayer Electric Supply, a family-owned independent electrical distributor based out of Birmingham, AL as a potential partner. Mayer has over 57 locations and covers 12 states, with one locations in the Pittsburgh, PA market.
“Mayer Electric Supply shares a common culture with The Hite Company and is a perfect fit for The Hite Company to continue to grow and expand as the Northeast Division of Mayer Electric Supply,” says T. Scott Lawed, President and CEO.
The Hite Company has signed an asset purchase agreement and the transaction will be effective March 26, 2018. The Hite Company will retain its name, brand, and most importantly, its knowledgeable and dedicated associates.
R. Lee Hite added to the press release in a message to tED, “You have to know that this sale was actually orchestrated by us as Mayer ownership and management have been friends for many years . They are approaching our territory for expansion so why not do it through us. Our lines are capable and we’re both independent family owned firms with similar culture and values. The Hite Co. brand and name stays with no dismissals and Scott Lawhead will be the new Div VP for the Northeast. Both of us feel comfortable with our new relationship going forward with Mayer.”
Tagged with 2018, top 20