Sonepar USA has purchased Richard Electric Supply Co., Miami. Terms of the acquisition were not disclosed.
The acquisition builds on Sonepar's acquisition of World Electric Supply in 1999 by giving Sonepar access to several key Florida markets and expanding its export business in Miami.
Richard Electric Supply, one of the industry's 250 biggest electrical distributors in 1998, had sales of approximately $22 million in 1998. With Florida locations in Naples, Bonita Springs, Fort Myers, Miami and Davies, Richard Electric Supply complements World Electric's existing Orlando, North Miami, Pompano, Tampa, Jacksonville, Melbourne and Clearwater locations. Richard Electric also has a key export business.
“Florida, Texas and California are key U.S. growth markets and we are very pleased to have developed our Florida business in a highly consolidated environment. Richard Electric Supply significantly improves our footprint in the Florida market overall, and in Naples/Bonita Springs/Fort Myers in particular,” said Richard Worthy, chief executive officer of Sonepar USA.
With the acquisition of Richard Electric, Sonepar now has 12 locations in Florida. It will have revenues this year of more than $80 million.
Sonepar plans to keep the Richard Electric Supply name. Julian Fernadez Jr. and Joe Gomez will continue to run the operations.