Stuart C. Irby Co./Sonepar USA, Jackson, Miss., plans to acquire Priester Supply, Arlington, Texas, a move that would expand its presence in the utility market in the southwestern United States. The acquisition is expected to be completed Feb. 27.
The acquisition, which would become part of Stuart C. Irby’s utility division, would expand Irby’s presence in the utility market in Oklahoma and Texas and give it a utility presence for the first time in Colorado and New Mexico. Priester Supply has locations in Denver; Hammond, La.; Waterville, Maine; Albuquerque, N.M.; Syracuse, N.Y.; Tulsa, Okla.; and Amarillo, Austin, Fort Worth and San Antonio, Texas. Priester Supply’s management is expected to remain in place.
Founded in 1932, Priester Supply, with 55 employees, operates 10 full-service utility branches in seven states. The company is the largest regional utility distributor in the southwestern and south central United States, according to an Irby company statement.
Mike Wigton, president of Stuart C. Irby Co., said, "Priester Supply is an ideal fit for Irby. We value the reputation and experience of their people and believe our combined presence in the utility market and our shared passion for serving our customers will bring additional value to the market. Together, we will expand our service offering, increase our service territory, and help our customers better utilize the resources required to manage their distribution and transmission systems. The merging of our operations substantially expands Irby’s utility footprint, especially in the high-growth markets of Texas, New Mexico, Colorado and Oklahoma. It’s a great opportunity for Priester employees to become a part of a dynamic, growth-oriented organization and we look forward to welcoming them into the Irby family."
"Priester Supply is very excited about joining the Irby/Sonepar family," said Weldon Jaynes, president of Priester Supply. "It’s a great strategic fit; good for our customers, manufacturers and employees." Sonepar made a major move into the utility market in September 2005 with its acquisition of Stuart C. Irby. Utility products account for about 45 percent of Irby’s business, and the company has nine branches that exclusively serve the utility market. Four branches are combination commercial and industrial and utility. Tony Burr, president of Sonepar USA, said the addition of Priester Supply to Sonepar’s family of companies demonstrates Sonepar’s overall commitment to growth in the utility segment.
With $400 million in annual sales and 35 branches, Stuart C. Irby is the industry’s 16th largest electrical distributor, according to Electrical Wholesaling magazine’s 2005 Top 200 listing.
Stuart C. Irby said the Priester name has a "valuable brand equity" in its market. Sonepar will continue to use the Priester Supply and Stuart C. Irby names there. "The combined presence of both the Irby and Priester names will bring additional value to the market," said Stuart C. Irby.