Sonepar USA, Charleston, SC, has entered into an agreement to acquire Richards Electric Supply Co., Cincinnati, OH. This acquisition allows Sonepar to grow its business into Ohio and Kentucky markets. A family-owned business headquartered in Cincinnati, Ohio, since 1937, Richards Electric will add four branch locations and 150 associates to the Sonepar network. Richards Electric expects to record sales in excess of $125 million for 2021. The company was ranked #77 on Electrical Wholesaling magazine’s 2021 ranking of the 150 largest electrical distributors in North America.
In the United States, Sonepar operates through a network of electrical, industrial, and utility distributors with over 700 locations and coverage in all 50 states. The Richards Electric acquisition follows Sonepar’s August purchase of Springfield Electric Supply Co. in Springfield, IL, and further builds Sonepar’s presence in the Midwest.
Rob Taylor, President of Sonepar North America, said in the press release, “Richards Electric’s footprint makes it a great strategic fit for Sonepar. It’s a well-respected company with an outstanding track record of solutions-oriented customer service that aligns very well with ours. I look forward to our companies coming together and leveraging strengths to expand Richards Electric’s business opportunities.”
Mike Misrach, owner and CEO of Richards Electric, said in the release, “We were attracted to Sonepar’s decentralized approach and their reputation as a global leader in electrical distribution. We believe Sonepar will bring best-in-class technology and distribution expertise to expand our business. We also share the same culture of a family-managed company that values employees and a first-in-service philosophy. We’re looking forward to the next chapter of Richards Electric as part of the Sonepar family.”
The acquisition is expected to close in December, subject to customary regulatory approvals.