Crescent Electric to buy Stoneway Electric Supply
Crescent Electric Supply Co., East Dubuque, Ill., has signed an agreement to purchase Stoneway Electric Supply, Spokane, Wash. Founded in 1974, Stoneway has grown from a single location to become a recognized market leader in the Pacific Northwest, achieving sales of $130 million in 2011. With approximately 210 employees, Stoneway serves contractor, industrial and government customers from 16 stocking branches in Washington, Idaho and Oregon. The transaction is scheduled to close on Sept. 30.
In a press release announcing the acquisition, Marty Burbridge, Crescent Electric’s president and CEO, said, “We are thrilled at the opportunity to acquire a company with the reputation, strength and market presence of Stoneway Electric. Under Crescent ownership, Stoneway will continue to operate under the Stoneway name and brand with the same employees, leadership team, suppliers and customers.
Stoneway Electric president and CEO Cliff Kelly said in that release, “We searched for the right organization to purchase Stoneway Electric, one that shared our values and vision. I feel strongly that Crescent Electric is that company. Our cultures are very similar. Our employees will have extensive opportunities for training and professional development, and Crescent has the resources to continue to grow the Stoneway business throughout the Pacific Northwest. We will share best practices and learn from each other’s successes.”
Stoneway Electric will continue to operate from its current Spokane headquarters and customer and supplier contacts will remain unchanged. Crescent Electric Supply was ranked #11 on Electrical Wholesaling’s Top 200 listing, with $885.4 million in 2011 sales, 1,504 employees and 116 locations, while Stoneway ranked #60.
About the Author
Jim Lucy Blog
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.