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Crescent Electric Supply Co., East Dubuque, Ill., has signed a definitive agreement to purchase online retailer Home Products Etc. LLC (HPE). The transaction is scheduled to close within 30 days.
HPE was founded in 2012 to be the online source for home products serving both B2B and B2C markets. Most commonly known for the web property www.EliteFixtures.com, Crescent said in its press release announcing the acquisition that HPE has built a proven, scalable ecommerce platform recognized for its ease of use and is supported by an excellent customer service team.
“The acquisition of HPE brings tremendous value to our company as we embark on an aggressive plan to grow our online presence in the electrical product marketplace,” said Erich Lemke, Crescent Electric senior vice president & CIO, in the release. “In addition to the robust, battle-tested platform, the acquisition brings us a talented ecommerce team, including HPE’s two founders and leaders, each with expertise in online sales, marketing, operations and technology.”
Marty Burbridge, Crescent Electric’s president & CEO, added, “Our strategic plan calls for significant growth in sales through our online channel in parallel with market share gains from our traditional brick-and-mortar locations. The purchase of HPE will allow us to expand our online presence rapidly and provide additional services to our current customers.”
“An additional benefit is that the acquisition will allow us to offer online purchasing and account management services through branded ecommerce sites for customers served by our other operating companies and subsidiaries -- Stoneway Electric, Interstate Electric Supply and BA Supply.”