Element Partners, Cleveland, announced that Amp Electric, its electrical distribution services company run by industry veteran Richard Worthy, has completed its first bolt-on acquisition for its platform investment in Leff Electric in 2013, which we reported on last May. The firm said Gatto advances its strategy to “consolidate and build the premier electrical distribution company in Northeast Ohio and surrounding areas.”
Gatto's headquarters in Cleveland and its Gatto-Portage Electric Supply Co. in Portage, Ohio, will continue to operate with its existing brands and sales teams, but sourcing and back-office operations will be consolidated.
Lou Gatto said of the new ownership structure, "Bruce Leff and I have known each other for a long, long time. Even though we're now both owned by Amp, we'll still be competitors… but friendlier competitors."
Gatto Electric Supply was founded by brothers Lou Gatto Sr. and Vince Gatto Sr. in the garage of their family home. Their passion for the electrical industry led to the opening of the Cleveland location in 1987 and their Portage location in 1993. Lou Gatto will continue to lead the operation under the Gatto Electric Supply name.
Amp Electric said it’s continuing to pursue the acquisition of companies that participate in complementary end markets and products in Northeastern Ohio and surrounding regions. Element Partners is a growth equity firm that invests in companies providing innovative products, software and services to the global energy and industrial technology markets.