Van Meter Inc., Cedar Rapids, IA, a 50% partner in Werner Ventures llc, the legal entity that owns Werner Electric, Cottage Grove, MN, plans to make a stock purchase of the remaining business from MacDonald Ventures. The sale is expected to close on April 30.
“For 20 years, Van Meter and the MacDonald family have proudly owned and supported a successful and growing business in Minnesota” said Lura McBride, President and CEO of Van Meter, in the press release. “We find ourselves mutually understanding that our shared Minnesota business could reach even greater potential through the efficiencies and market influence gained by being owned by one company.”
The joint ownership model of Werner Electric of Minnesota began in 2001 when Van Meter and MacDonald Ventures partnered to purchase an independent electrical distributor known as Northland Electric. Werner Electric of Minnesota operates eight locations—six in Minnesota and two in Wisconsin — and employs 325 people.