Border States, Fargo, N.D., agreed to purchase Minnesota Electric Supply Co., a full-line provider of electrical products with locations in Alexandria, Bemidji, Coon Rapids, Faribault, Mankato, Marshall, St. Cloud, and Willmar, Minn.
Border States has been a strong player in the Dakotas, Minnesota and more recently in the Southwest and Mountain states, and this acquisition will solidify the company's electrical operations in the Upper Midwest. The company's locations in this region include branches in Minneapolis and Alexandria, Minn., and several locations in Wisconsin.
Minnesota Electric Supply's eight branches will be included in Border States' Northeast region. The Minnesota Electric Supply name will not change except to include “A Division of Border States.” The transaction is expected to close on April 1.
Steve Peterson, Minnesota Electric Supply Co.'s president and CEO, will assist with the transition and then leave the company to pursue other opportunities. Steve Linder, Minnesota Electric Supply's chairman, also will not join Border States. All of the current Minnesota Electric Supply branch managers will continue to lead their branches. In addition to the branch managers, Ray Stoel, Minnesota Electric Supply's vice president of sales, Renee Cool, director of marketing/communications, and John Klaers, controller, will join Border States. Their titles will change under the Border States structure.
With $601 million in 2005 sales, Border States is ranked as the nation's 12th largest electrical distributor, according to Electrical Wholesaling's 2006 listing of the top 200 electrical distributors.
Minnesota Electric Supply Co. has 130 employees serving over 3,000 customers, annual sales of approximately $85 million and is ranked 87th in Electrical Wholesaling's Top 200 listing.