Graybar Electric, St. Louis, will add one of its neighbors to its nationwide network of branches as it announced an agreement to acquire Cape Electrical Supply, based in Cape Girardeau, Mo. The transaction is scheduled to close on July 1, 2016.
Cape Electric is a regional distributor serving electrical contractors and large engineering construction firms, as well as industrial, institutional and utility customers. The company was founded in 1953 and has grown to 17 locations throughout the central United States. It reported revenue of $125,881,000 million in 2015 according to Electrical Wholesaling. The company will operate as a subsidiary of Graybar, under the Cape Electrical Supply name with the same employees, leadership team and suppliers.
“We are excited to welcome the Cape Electric team to Graybar and look forward to achieving profitable growth together,” said Kathleen Mazzarella, Graybar’s chairman, president and CEO. “This marks the second acquisition for Graybar in as many years, and we will continue to seek out similar opportunities to expand our reach and diversify our business in the future.”
Kyle Thoma, Cape President and CEO, said, “Cape Electric and Graybar complement each other well, and we are pleased to become part of the Graybar team. We believe this gives us a tremendous opportunity to be a part of a growing company for years to come.”