Employee-owned Border States is set to acquire family-owned Dominion Electric Supply Company. The deal is expected to be finalized on May 1, pending regulatory approval.
Established in 1940, Dominion has grown to more than 300 employees and nine branches in Virginia and Maryland with more than $374 million in annual sales. The acquisition will mark a geographic expansion for Border States on the East Coast, which has been ranked the sixth largest electrical distributor in the U.S.
“As the largest family-owned and operated electrical distributor in the mid-Atlantic, Dominion is a growth-oriented, construction market leader,” said David White, CEO of Border States. “Their core values are exhibited in dedicated service to a loyal customer base and the power of partnership through strong vendor relationships. Employee values underscore the impact people have in shaping Dominion’s excellence, which resonates well with our employee-owned culture.”
Stephen Krooth, CEO of Dominion, said he looks forward to the transition and the Dominion team coming on board as employee-owners at Border States.
“I am immensely proud of our employees. Throughout our journey, it has been abundantly clear that our greatest strength lies in our people,” Krooth stated. “They have continually adapted and evolved alongside the marketplace, catering to the needs of our customers and embracing the evolving trends within our industry.”
Border States supplies products and services to construction, industrial, and utility customers. The company, which has more than 3,200 employees and 120 branches in 29 states, is headquartered in Fargo, North Dakota.
