One of the electrical market's best-known family businesses has been acquired by a new distribution entity managed by Richard Worthy. Leff Electric, Brooklyn Heights, Ohio, and its affiliated companies have reached an agreement for the sale of its business with AMP Electrical Distribution Solutions Inc. (AEDSI). The sale is scheduled to close by Oct. 31.
According to a Leff Electric press release, Bruce Leff, president of Leff Electric, announced the agreement to his staff on Sept. 30. “This transition provides the opportunity for Leff Electric to continue its phenomenal growth in Northeast Ohio and throughout the region,” said Leff. Under the new ownership, Leff will continue to be an independent electrical distributor and operate with the same traditions, strength and customer centric values that have been instrumental in the company’s success over the last 92 years.
President Bruce Leff and Executive V.P. and treasurer J.R. (Sandy) Leff will continue to be an integral part of the organization and its ongoing operation. Leff Electric will be the platform company for future growth and expansion.
Richard Worthy, CEO of AMP Electric Distribution Services Inc., said in the press release, “Leff Electric is one of the venerable names in our industry. The Leff family has been a pillar of the electrical industry and we are proud that they chose AMP Electric. We intend to continue Leff’s impressive growth strategy and will support the entire Leff team as it seeks out future growth opportunities.”
Leff Electric is ranked #83 in EW's 2013 Top 200 ranking, with $98.3 million in 2012 sales, 113 employees and eight locations.
Electrical Marketing will have additional details on this acquisition later this week.
Here's a copy of the Leff Electric press release on the acquisiton