Locke Supply Co., Oklahoma City, OK, an employee-owned plumbing, electrical and HVAC distributor purchased Richmond Electric Supply Co. (RESCO), Richmond, VA. Investment banking firm Matrix Capital Markets Group, with offices in Richmond, VA, and Baltimore, MD, handled the sale.
Founded in 1983, RESCO is a full-line electrical distributor serving commercial contractors, government and military agencies, residential contractors and industrial and OEM markets on a regional and national scale. RESCO has additional locations in Farmville, VA, and Norfolk, VA.
Jeff Moore, principal and founder of RTK, a Richmond-based family-owned investment firm, said Matrix assisted RTK in its acquisition of RESCO in 2012. RESCO was acquired in 2012 from retiring owner Darryl Harman by RTK and industry veteran Mike Bourn.
John Orman III, president and CEO of Locke, said in the press release, “We are excited to welcome Mike and the entire RESCO team to our family of employees. Locke is committed to growing in every way possible, and this addition provides all of us a tremendous opportunity. The growth potential is limitless, and we intend to take full advantage. We are thankful for the support of RTK and counsels on both sides for their support during this process.”