Sonepar Announces Acquisitions of Madison Electric Company and Standard Electric Company

March 28, 2024

Sonepar has recently announced it has entered into an agreement to acquire the Michigan-based distributors, Madison Electric Company and Standard Electric Company.

Family-owned and operated since Madison’s founding in 1914, and Standard’s in 1929, Madison and Standard are full-line distributors of electrical and industrial products and services to its contractor and industrial customers, and distribute into, and service, the HVAC and plumbing markets.

With headquarters in Warren and Saginaw, Michigan, Madison and Standard have over 550 associates and 36 locations across the state. Combined, Madison and Standard sales were approximately $400M in 2023.

Rob Taylor, President of Sonepar Americas, said of the acquisition:

Madison and Standard have achieved a position as one of the leaders within the 10th largest electrical distribution market in the US. They have an outstanding reputation across Michigan built on lasting customer relationships and have positioned the business and their associates for long-term growth. These companies fit strategically within Sonepar’s Midwest footprint and have a strong culture with talented associates that we welcome to the team.”

Brett Schneider, President of Madison Electric, and Bill Gray, President of Standard Electric, said in a joint statement:

Currently run by the 4th generation of our family, we are incredibly proud of our combined 200+ years of history and achievement in the electrical distribution business. The expertise of our associates, the loyalty of our customers, and the partnerships with our suppliers have brought us to this moment. We are excited about the ways in which our companies will grow with additional Sonepar capabilities, resources, and investments. We chose them because of their alignment to our own culture, values, and belief in our potential. We look forward to the next chapter for our associates, and for Sonepar, as we bring their great company into Michigan.”  

The acquisition is expected to close by the end of April, pending regulatory review.

Source

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