U.S. Electrical Services Inc. (ASSES), Castor Springs, Pa., a new company started by Richard Worthy, former CEO of Sonepar North America, has agreed to buy two electrical distributors.
Worthy first agreed to acquire Electrical Wholesalers Inc., Hartford, Conn., one of Connecticut's largest independent electrical distributors. Electrical Wholesalers, with approximately $150 million in annual sales, has 21 locations and about 400 employees. The company ranks as the 41st biggest electrical distributor, according to Electrical Wholesaling's Top 200 listing.
Arthur and Robert Namerow, the two owners of Electrical Wholesalers, will remain with the company, Worthy said. John Resnick, former vice president of sales for Electrical Wholesalers, has been named company president.
Shortly after agreeing to buy Electrical Wholesalers, Worthy agreed to buy Monarch Electric Co., West Caldwell, N.J., effective May 31. Monarch has two locations in New Jersey, West Caldwell and North Brunswick, and more than 70 employees. The company is ranked No. 142 on Electrical Wholesaling's Top 200 listing. Monarch Electric will keep its name and operations in New Jersey. Steve Perlman will remain president of Monarch under the new ownership.
When Richard Worthy's noncompete clause with Sonepar SA, Paris, expired earlier this year, he quickly began contacting distributors he thought would fit into U.S. Electrical Services.
Fueling the growth of U.S. Electrical Services will be private-equity capital from MSD Capital, the New York-based family office of Michael and Susan Dell of Dell Computer fame; and Kelso, a 30-year-old private-equity company based in New York.