WinWholesale, one of the nation's largest industrial wholesale distributors, has signed an agreement to merge with Noland Co. (NASDAQ Small Cap: NOLD), an industry-leading wholesale distributor of plumbing, electrical, HVAC, mechanical equipment and supplies. Under the terms of the agreement, which was unanimously approved by both companies' boards of directors and by a special committee of the board of directors of Noland Co., WinWholesale will pay $74 in cash for each Noland Co. share.
The acquisition, which is subject to certain conditions, is anticipated to close by the end of May. Shortly after the transaction closes, WinWholesale will take Noland Co. private and it will be de-listed from the NASDAQ. WinWholesale expects combined 2005 revenues will exceed $2 billion.
With headquarters in Dayton, Ohio, WinWholesale is the umbrella company to more than 430 distributors in channels that include electrical, plumbing and heating, air conditioning, industrial PVF, water works and electronics.
Winlectric, the electrical-supply segment of the WinWholesale umbrella, was the subject of Electrical Wholesaling's July 2003 cover story. With more than $103 million in 2003 electrical sales, Winlectric is ranked No. 42 on EW's most recent “Top 200.” Noland Co., with headquarters in Newport News, Va., was ranked No. 88 on EW’s most recent “Top 200.” With more than $59 million in electrical sales for 2003, electrical sales accounted for 12 percent of Noland Co.’s total sales.