Back in the 1850’s John Babsone Lane Soule, in the Terre Haute Express, reportedly said “Go west, young man, go west.” And it seems like Van Meter is heeding this call and going west.
After seeking to grow to the east via its acquisition of Bright Electric, which it subsequently sold, and opening a location in the Kansas City area, so essentially growing south, Van Meter is tipping its toe in the water and exploring the west by acquiring a small one location distributor, Mid-West Electrical Supply, Wichita, KS, which served contractors and the commercial and industrial segments.
According to a press release published in MDM:
Electrical distributor Van Meter Inc., Cedar Rapids, Iowa, this week announced that it has acquired Mid-West Electrical Supply Inc., a Wichita, Kansas-based single-branch, electrical distributor, in an asset sale. Financial terms of the deal weren’t disclosed.
“Wichita represents the largest electrical market in the state of Kansas,” said Lura McBride, president and CEO at Van Meter. “Establishing a physical presence in a sizable market less than 200 miles from our regional branch and wire innovation center in Kansas City, positions us for desired growth and an opportunity to leverage our inventory, supplier relationships, and salespeople across an expanded territory.”
Mid-West Electrical Supply Inc. was previously owned and managed by Randy Cubbage, who has worked in the electrical industry for more than 30 years with experience in warehousing, purchasing, quotations and sales. Cubbage will remain active in the business as an outside sales account manager and employee-owner of Van Meter. Robert Dale, an existing Van Meter employee-owner and also a long-time member of the electrical industry, will serve as a dedicated inside sales resource, supporting Cubbage and the Wichita customer base.
“Mid-West Electrical Supply brings existing customer relationships in a market contiguous to our own,” added Brian Bytnar, chief sales officer. “We look forward to working with our supplier partners to build on those relationships and bring our service-based approach to electrical distribution in the greater Wichita area.”
According to Manta.com, Mid-West was part of a two-location organization with each branch having some type of separate ownership although they shared resources, inventory and manufacturers. The other location, Mid-West Electrical Supply of Arkansas City is an IMARK Electrical member. Arkansas City is 63 miles southeast of Wichita.
The combined organization was founded in 2002. Manta reported revenues of $5-10M. Dun & Bradstreet reports that the Arkansas City business has / had 7 employees with revenues of $4.1 million (however, this may be 2019 information and is not verified.) This location, based upon online photos is residentially-oriented as it has a lighting showroom, while also serving contractors, which could explain why it was perhaps not a fit for Van Meter.
So, like explorers from centuries ago, Van Meter has an outpost in the west. Could it continue its incursion into Kansas and head further west?
Congratulations to Van Meter with the first electrical distribution acquisition of the year.
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