BGL Sells Edson Electric Supply to The Home Depot
September 28 2006
Brown Gibbons Lang & Company ("BGL") today announced the sale of its client Edson Electric Supply, Inc. ("Edson Electric"), to HD Supply Electrical division, part of The Home Depot’s HD Supply division.
Founded in 1962 and headquartered in Phoenix, Arizona, Edson Electric is the premier value-added independent wholesale distributor of electrical products to residential and commercial contractors in the state of Arizona, the fastest growing non-gambling-focused market in the U.S.
In 2005, the leadership team of Edson Electric, a family run business, felt they had taken the company as far as they could. They sought a world-class partner that would ensure long-term future growth for its customers, employees, vendors and suppliers. HD Supply Electrical division, part of The Home Depot’s HD Supply division, emerged as the forerunner. To manage the sale of the company, Edson Electric sought a reputable firm with the ability to get the job done.
BGL was selected due to its well-established success in representing distribution companies, especially industrial and electrical distributors. Edson Electric (a “top 50” electrical distributor) represents the 7th electrical/industrial distributor that BGL has represented or is representing in a financial advisory capacity during the past two years.
Bret Edson, a principal shareholder and chief executive officer of Edson Electric, said, “Given the obvious importance of this transaction, we proceeded cautiously in selecting a financial advisor. We reached out to the BGL team based on their success in distribution transactions and were immediately impressed with their communicative approach, attention to detail, and commitment to service. They patiently and carefully guided us through an incredibly efficient and seamless process that was not disruptive to the business, protected confidentiality, and resulted in a successful transaction.”
“From beginning to end, the BGL team members were tireless and enthusiastic champions for Edson Electric. Their detailed understanding of our business, value proposition, and market combined with their unwavering personal commitment were instrumental in achieving the highly-rewarding transaction result,” said Scott Liles, a principal shareholder and president and chief operating officer of Edson Electric.
“The Edson Electric sale process was one of the most competitive we’ve seen at BGL. We received strong interest from strategic and financial buyers that valued Edson Electric’s market position, growth profile, efficient operations, and employee and management talent," stated Robert Pietrick of BGL. "The BGL team has had the privilege to work with several great companies and people in the electrical distribution industry. Edson Electric is no different, as it was built and is managed by honorable, principled, and visionary people. It was an absolute pleasure and honor to represent and achieve great results for the Edson family, Edson Electric shareholders and management, and Edson Electric.”