6309 Monarch Park Place, Suite 203
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Phone (303) 443-5060
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This acquisition will nearly double the number of Summit locations and bring the company into the Gulf Coast area of Texas, including Houston, La Porte, Beaumont, Clute, Corpus Christi and Harlingen, as well as locations in New Orleans, Lafayette, Baton Rouge and Lake Charles, Louisiana where Summit had not previously operated. Summit will continue business relationships with most of Warren's vendor partners and is looking forward to servicing Warren's many customers. Summit will continue to use the Warren name for an undetermined period of time as they transition the operation.
'The Warren acquisition follows closely on the heels of our purchase of Ideal Electrical Supply in Killeen, Texas,' said Victor Jury, Jr., Summit's president. 'Our strategic plan has always been to enter new markets when a strong opportunity arises and when we have the people to support the move. Warren has a sixty year history of serving the needs of customers in the Gulf Coast area and is highly regarded for their expertise in serving the needs of the petrochemical and process industries. We look forward to building on those strengths and expanding our services into new markets. We think we have a great team and platform to do so.'
'This acquisition is very positive for Warren's employees, customers and vendors,' said Cheryl Thompson-Draper, chairman, president and CEO of Warren Electric Group. 'We've obviously had a difficult year and we appreciate those who have stood by us. I especially want to thank Victor Jury for his interest and commitment.'
Warren was represented in the transaction by James C. Miller of Brown, Gibbons, Lang & Company (BGL). BGL is one of the leading investment banking firms in the United States, serving middle-market businesses.
'2002 has been a busy year for Summit,' said Jury. 'We celebrated our 25th anniversary in August, made an acquisition in October and now we'll round it out by finalizing the Warren deal and working on the transition.'
Albuquerque, New Mexico is home to Summit's corporate headquarters. New Mexico Service Centers are located in Albuquerque, Farmington, Santa Fe and Los Alamos. The Texas Service Centers include San Antonio, Austin, Dallas, Fort Worth, Killeen and El Paso. Summit is also located in Phoenix, Arizona. Prior to the Warren acquisition, Summit employed over 300 Associates and was ranked as the 34th largest electrical distributor in the nation in 2001 and the 10th largest privately-held company in New Mexico.