Standard Electric, Wilmington, Mass., announced plans to purchase Intercity Electric, Framingham, Mass., and Lowell Electric, Lowell, Mass.
Both companies will immediately begin operating under the Standard Electric name with their present management team remaining in place.
“This expansion is a continuation of our New England growth strategy,” said Dennis Miller, Standard Electric's president and CEO. “Both the Framingham and Lowell locations significantly strengthen Standard Electric's presence in these important and strategic markets that we have served in New England for many years.”
This is Standard Electric's second acquisition in the past year. The company's January 2002 purchase of two-location B and B Electrical Supply, Putnam, Conn., extended its presence into Connecticut for the first time. That company also had a location in Worcester, Mass. In the past 11 years, Standard Electric has acquired nine independent electrical distributors in major metropolitan markets in Massachusetts, Rhode Island and Connecticut.
The 250-employee, 13-location Standard Electric also opened a 8,500-square-foot branch in Chelsea, Mass., to serve the Boston market. The facility, which housed Bernstein Electric before it ceased operating, serves the city along with the company's other existing branch in Boston and its Allston, Mass., location.
The 51-year-old Standard Electric had $125 million in 2001 sales and was the 37th largest electrical distributor in Electrical Wholesaling's Top 250 listing.