Sonepar Will Acquire Richards Electric

The electrical and industrial distributor announced it has entered into an agreement to acquire the Cincinnati-based business.
M&A

Electrical and industrial distributor Sonepar USA, a family-owned subsidiary of the privately held Sonepar Group in South Carolina, says it has reached a deal to acquire Cincinnati-based Richards Electric Supply Company.

Financial details were not disclosed.

Sonepar USA announced the acquisition plans Wednesday.

The company said acquiring Richards Electric will add four branches and about 150 associates. Sonepar said Richards Electric expects to record sales of more than $125 million this year.

The deal is expected to close this month, subject to regulatory approval.

In September, Sonepar closed its acquisition of Springfield Electric Supply Co.

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