Hughes Supply Inc., Orlando, Fla., expanded its already strong presence in the Florida market with an agreement to purchase Fife/Florida Electrical Supply, a one-location full-line electrical distributor in Tampa. Terms of the all-cash purchase were not disclosed.
Florida Electrical Supply, founded in 1986, has annual revenues of approximately $22 million and a work force of 40 people. The company ranks 248th in the nation among electrical distributors, based on 1997 revenues. The owners of Florida Electrical Supply-Nelson Jefferson, president, and Jack Whitwam, vice president of finance-will continue to manage the business under Hughes, according to a Hughes Supply statement.
Jefferson cited Hughes Supply's economies of scale and financial resources, as well as its track record of customer service, among the reasons Florida Electrical Supply's owners chose to sell to Hughes. David Hughes, chairman and chief executive officer of Hughes Supply, says Florida Electrical Supply was a strategic acquisition in the Tampa market and that he expects the company to expand its business base in the area.