Crescent Electric Supply to Acquire Interstate Electric Supply
EAST DUBUQUE, Illinois, September 25, 2013 — Crescent Electric Supply Company has signed an agreement to purchase Boise, Idaho based Interstate Electric Supply (IES). Founded in 1971, IES serves residential and commercial contractors, industrial OEM and MRO, and institutional customers from 6 stocking branches in Idaho and Oregon. The transaction is scheduled to close on September 30, 2013.
"We are thrilled at the opportunity to acquire a company with the reputation, strength and market presence of Interstate Electric Supply", noted Marty Burbridge, Crescent Electric president and CEO. "Under Crescent ownership, IES will continue to operate under the Interstate Electric Supply name and brand with the same employees, leadership team, suppliers and customers. We will leverage our companies' respective strengths to grow the business."
Speaking of the acquisition, IES co-owner Tim Young noted "We evaluated several companies as potential purchasers of IES and chose Crescent due to the similarities in culture and commitment to customer service."
"Our philosophies are very similar," IES co-owner Clayton Etcheson stated, "our employees will have extensive opportunities for training and professional development, and Crescent has the resources to continue to grow the IES business throughout the region. We will share best practices and learn from each other's successes."
Interstate Electric Supply will continue to operate from its current Boise headquarters and customer and supplier contacts will remain unchanged.