Rexel Acquires Platt Electric Supply: Rexel announced today that it has reached an agreement to acquire Beaverton, Ore.-based Platt Electric Supply.
In a Rexel news release, the company said, “Platt’s business model focused on organic growth, its strong financial performance, outstanding customer service, experienced and well-trained employees, strong brand recognition and innovative use of technology constitute solid assets on which to build in the future.”
Rexel says the acquisition of Platt will strengthen its market share in the Western region of the United States. The company’s market share in the Western region, which is expected to grow at a faster rate than the overall U.S. market, will exceed 10%.
According to the news release, the acquisition marks a c. €300 million (enterprise value) investment for Rexel. It will be accretive by the end of 2013.
The acquisition is expected to close in early July with Platt’s operations being consolidated from July 2012.
Platt Electric Supply President Jeff Baker will become president and CEO at Platt and vice president of Rexel Inc.
Established in 1953, Platt Electric Supply has 111 locations throughout California, Nevada, Idaho, Oregon, Montana, Utah and Washington.