Mayer Electric Supply Co., Birmingham, Ala., has signed a letter of intent to acquire Maddux Supply, Greensboro, N.C., which has 14 branch operations in North Carolina, South Carolina, Virginia, Georgia and Florida.

“The opportunity to acquire a company the size and quality of Maddux Supply comes along very rarely. We are extremely pleased to be able to reach this agreement and it marks a major step forward in our future plans for the Mayer organization,” said Charles Collat Sr., Mayer's chairman.

Joe Maddux, chairman and CEO of Maddux Supply, founded the company in 1965. Maddux has 270 associates serving contractors, industrial facilities, and utility, commercial, institutional and government accounts.

Mayer, with sales of approximately $250 million, is the nation's 19th largest distributor, according to EW's Top 200. Maddux is ranked the industry's 46th largest electrical distributor, according to EW.