Crescent Electric Acquires Lake Electric Supply Company, Strengthens Market Presence in Iowa
EAST DUBUQUE, Illinois, March 4, 2013 — Crescent Electric Supply Company has announced the purchase of Storm Lake, Iowa based Lake Electric Supply. Founded in 1967, Lake Electric is a privately owned independent electrical distributor serving a diverse customer base in Storm Lake and the surrounding area.
Speaking of the acquisition, Marty Burbridge, Crescent Electric's President and CEO commented "This acquisition expands our market coverage in Iowa and provides an excellent platform for growth. We will leverage the strengths of Crescent, including local inventory supported by more than 130 stocking locations, and Lake Electric's outstanding reputation for customer service."
To ensure a smooth transition, the company will continue to use the Lake Electric name and customers will be served from their current location.