CEDAR RAPIDS, Iowa – Miller Electric Supply Inc. and Van Meter Inc. announced that they have entered into an agreement for Van Meter to purchase Miller Electric, a leading electrical distributor with locations in Dubuque and Clinton, IA. The transaction is expected to close by the end of first quarter 2015 subject to a customary due diligence process.
“This is an opportunity to join our great, local company with a larger, best-in-class distributor a 100 percent employee-owned company with similar values, a progressive culture and a grand vision for the future,” said Kevin Oyen, President of Miller Electric. “Our industry faces new challenges and opportunities each day and I have every confidence that becoming part of Van Meter will position us for continued success.”
Miller Electric was founded in 1963 and provides electrical and automation supplies and services to industrial, commercial and contractor customers.
The acquisition of Miller Electric will expand Van Meter’s presence in Iowa to 14 locations. Van Meter is headquartered in Cedar Rapids with branches in Iowa City, Waterloo, Davenport, Muscatine, Burlington, Keokuk, Ottumwa, Urbandale, Des Moines, Carroll and Sioux City. “A key part of our growth strategy is to expand into new markets,” stated Kevin Powell, President and CEO of Van Meter. “The addition of Dubuque and Clinton locations really rounds out our service territory and will create new opportunities for us in Eastern Iowa as well as parts of Illinois and Wisconsin.”
Both Miller Electric and Van Meter belong to the National Association of Electrical Distributors, Affiliated Distributors and are authorized Rockwell Automation distributors. “We have a long-standing relationship as peers in the electrical wholesale industry,” added Powell. “There is a mutual respect and common commitment to distribution that will ensure a smooth transition for both companies. We’re honored to play a part in Miller Electric’s succession plan.”
Tagged with tED