OneSource Distributors Inc., San Diego, has signed a letter of intent to acquire the assets of Orange Coast Electric Supply Inc. (OCES), Irvine, Calif.

OCES, with revenues projected in excess of $19 million for fiscal year 2001, became part of OneSource Distributors in late November. OneSource sales for fiscal 2001, including OCES, are projected to exceed $120 million. The combined company will have more than 200 employees.

Both companies specialize in the industrial market and are distributors for many of the same product lines, including Siemens and General Electric, said Jim Espinoza, president and chief executive officer of Orange Coast.

OneSource Distributors was founded in San Diego in 1983 by Bob Zamarripa, president and chief executive officer, and Senior Vice President Paul Judge. OneSource has nine sales branches located throughout Southern California, Southern Arizona and Baja, Mexico.

“Strategically acquiring Orange Coast is a great fit for us to continue to grow and expand into new markets in Southern California. Orange Coast puts us right in the No. 1 position of the rapidly expanding MRO utility supply business in Southern California. They are recognized as the market leader in this segment of business throughout Southern California,” said Judge of OneSource Distributors.