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.”
The acquisition is expected to close in December, subject to customary regulatory approvals.
Vallen Distribution — an industrial distribution subsidiary of Sonepar USA — was No. 12 on Industrial Distribution's 2021 Big 50 List.
Sonepar USA is an independent, family-owned company with global market leadership in the B2B distribution of electrical, industrial and safety products, services and solutions. We are a proud member of the Sonepar Group, the world's largest privately-held electrical distributor. Sonepar entered the US in 1998 and has continued to grow due to strategic acquisitions and organic growth. Today, Sonepar USA is represented by 14 locally managed operating companies with over 700 locations nationwide.