OneSource Distributors, San Diego, has agreed to buy Argo Electric Supply Co., Downey, Calif., and Pacific Parts & Controls Inc., Chino, Calif.
Argo Electric and Pacific Parts & Controls, with revenues in excess of $14 million for fiscal 2001, are owned and operated by Frank Renek. The companies would become part of OneSource Distributors on or about Feb. 28.
Renek, current president and chief executive officer, founded Pacific Parts & Controls in 1974. In 1995, Pacific Parts & Controls acquired Argo Electric Supply.
This acquisition follows the purchase of Orange Coast Electric Supply (OCES), Los Angeles, in November. OCES, founded in 1980, was also an industrial distributor.
Bob Zamarripa, president of OneSource Distributors, said that these acquisitions are part of a plan to capture more territory.
“OneSource's core strategy is really to continue to expand throughout southern California in our primary markets, which are industrial MRO, OEM and industrial contracting,” Zamarripa said. “Our primary goal is to continue to expand throughout southern California and look at companies that match up with those core markets that we serve.”
OneSource has 10 locations and more than 220 employees throughout the Southwest. The company does approximately $120 million in annual sales.
Renek will remain with OneSource on a consulting basis.