Coleman Cable, Waukegan, Ill., a manufacturer of electrical and electronic wire and cable products, has been on a bit of a buying spree over the past few months.
The company recently added to its trophy case and its offerings of high-temperature and industrial cabling with a deal to acquire the assets of First Capitol Wire & Cable and the assets of Continental Wire & Cable, both based in York, Pa., and owned by the same people, for a total purchase price of $7.15 million in cash.
First Capitol and Continental make industrial wire and cable products used in commercial, utility and industrial end-markets. First Capitol's flagship products include a broad line of high-temperature wire and cable products used in OEM products such as appliances, heaters and motors, and ruggedized specialty cabling for steel and glass plants and oil refining operations.
“These two acquisitions represent a great opportunity for Coleman to expand its current product offering and build on our growing reputation for producing a wide assortment of high-quality industrial cables,” said Gary Yetman, president and chief executive officer of Coleman. “Further, they allow us to immediately expand our capabilities, product offerings and capacity in serving the growing needs of our industrial end-market customers, which continue to be a significant component of our overall platform.”
The acquisitions of First Capitol and Continental are the third and fourth acquisitions Coleman Cable has announced over the past two months. To its existing package of electrical and electronic wire and cable products for the security, sound, telecommunications, electrical, commercial, industrial and automotive industries, the company added breadth in power protection and battery backup products through its acquisition of Technology Research Corp. (TRC), Clearwater, Fla., and expanded its outdoor and portable lighting products range through its acquisition of The Designer's Edge, Bellevue, Wash., both in April.