Sonepar USA Holdings Inc., a Charleston, South Carolina-based subsidiary of the privately held Sonepar Group, announced that it has agreed to acquire Springfield Electric Supply Co. Springfield, Illinois. Financial terms of the deal weren’t disclosed.
Family-owned since 1912, Springfield Electric serves electrical contractor and commercial accounts. The company operates in Illinois, Indiana, Missouri and Iowa with 19 branch locations and 350 associates. In 2020, Springfield Electric recorded sales in excess of $200 million.
The Springfield Electric acquisition expands Sonepar’s footprint in the Midwest and signals the distribution giant’s intent to grow its business in the seventh-largest 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.”
Said Dan Dungan, executive chairman of Springfield Electric: “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.”
Added Chris Scarbrough, CEO of Springfield Electric: “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.