Mayer Electric Supply Co., Birmingham, Ala., has signed a letter of intent to acquire the operations of Maddux Supply. Maddux, Greensboro, N.C., has 14 branch operations in North Carolina, South Carolina, Virginia, Georgia and Florida.
“The opportunity to acquire a company the size and quality of Maddux Supply comes along very rarely. We are extremely pleased to be able to reach this agreement and it marks a major step forward in our future plans for the Mayer organization,” said Charles Collat Sr., Mayer’s chairman. “We are honored that the Maddux owners thought enough of Mayer to work out this agreement with us versus any number of possible alternatives.”
Joe Maddux, chairman and CEO of Maddux Supply, founded the company in 1965. The Maddux team is comprised of 270 associates serving contractors, industrial facilities, and utility, commercial, institutional and government accounts.
“Becoming part of the Mayer organization is the perfect scenario for Maddux,” said Jim Mathis, president and COO for Maddux. “Mayer truly is one of the quality organizations in our business. In looking at potential suitors, Mayer has always been at the top of our list. We know this will be a positive move for Maddux employees and our fine customers.”
“The Maddux team is a strong one,” said Jim Summerlin, Mayer’s president and CEO. “The types of customers they serve and the geographic markets in which they are located are a remarkable fit with Mayer." Mayer, with sales of approximately $250 million, is the nation’s 19th largest electrical distributor, according to Electrical Wholesaling’s Top 200. Maddux is ranked the industry’s 46th largest electrical distributor, according to EW.