ArkMalibu Advises Springfield Electric in its Sale to Sonepar USA
Thursday July 22nd, 2021 – Sonepar USA [Holdings, Inc.], a subsidiary of the privately held Sonepar Group, announced that it has entered into an agreement to acquire Springfield Electric Supply Company, expanding its presence in the Midwest. ArkMalibu acted as the exclusive financial advisor to Springfield Electric. Terms of the transaction were not disclosed.
A family-owned business headquartered in Springfield, Illinois since 1912, Springfield Electric offers a full line of products and services to electrical contractor and commercial accounts. Operating in Illinois, Indiana, Missouri and Iowa, Springfield Electric joins Sonepar with 19 branch locations, 350 associates, and a 100-year track record in the electrical wholesale distribution business. In 2020, Springfield Electric recorded sales in excess of $200 million.
In the United States, Sonepar serves the market with a network of electrical and industrial distributors with 700 locations and coverage in all 50 states. The Springfield Electric acquisition signals Sonepar’s intent to grow its business in the 7th largest electrical market in the country.
“Springfield Electric’s geographic footprint and strong performance makes this a highly strategic fit for us,” said Rob Taylor, President of Sonepar North America. “Its strong leadership team and culture of outstanding customer service aligns very well with ours. This acquisition offers Sonepar USA a very solid platform for growth and expansion in territories where we are not currently represented.”
Dan Dungan, Executive Chairman of Springfield Electric explained, “We had choices and chose Sonepar as our partner. Culturally they are a fantastic fit for our associate owners and align closely with our family values.”
Chris Scarbrough, CEO of Springfield Electric, added, “Joining Sonepar presents great opportunities for both our customers and associates. We look forward to working with Sonepar to leverage their resources and enhance our business capabilities, especially around digital solutions and customizable services. This union is the next chapter in our growth story.”
ArkMalibu served as the exclusive financial advisor to Springfield Electric.
The acquisition is expected to close in August, subject to customary regulatory approvals.
ArkMalibu is one of the only Mergers & Acquisitions advisory firms that focuses exclusively on sell-side transactions for business owners throughout the United States and internationally. ArkMalibu serves its privately owned clients based on its conflict free market position, proprietary process, experience and creativity. ArkMalibu prides itself on guiding clients through unchartered M&A territory with experience, integrity, and confidentiality at every turn. ArkMalibu was named ACG Cincinnati Deal Maker of the Year in 2010 and 2018.
About Sonepar USA
Sonepar USA is an independent, family-owned business with global market leadership in the B-to-B distribution of electrical, industrial and safety products, services, and solutions. We are a proud member of the Sonepar Group, the world’s largest privately held electrical distributor. Sonepar entered the US in 1998 and has continued to grow due to strategic acquisitions and organic growth. Today, Sonepar USA is represented by 13 locally managed operating companies with over 700 locations nationwide. For more information visit soneparusa.com.