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Crescent Electric to buy Stoneway Electric Supply

Sept. 27, 2012
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, ...

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.