Crescent Electric Supply to Acquire Stoneway Electric Supply
EAST DUBUQUE, IL, September 27, 2012 — Crescent Electric Supply Company has signed an agreement to purchase Spokane, WA based Stoneway Electric Supply. Founded in 1974, Stoneway has grown from a single location to become a recognized market leader in the Pacific Northwest, achieving sales of $130 million in 2011. With approximately 210 employees, Stoneway serves contractor, industrial and government customers from 16 stocking branches in Washington, Idaho and Oregon. The transaction is scheduled to close on September 30, 2012.
"We are thrilled at the opportunity to acquire a company with the reputation, strength and market presence of Stoneway Electric", noted Marty Burbridge, Crescent Electric president and CEO. "Under Crescent ownership, Stoneway will continue to operate under the Stoneway 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, Stoneway Electric president and CEO Cliff Kelly noted "We searched for the right organization to purchase Stoneway Electric, one that shared our values and vision. I feel strongly that Crescent Electric is that company."
"Our cultures are very similar," Kelly continued, "our employees will have extensive opportunities for training and professional development, and Crescent has the resources to continue to grow the Stoneway business throughout the Pacific Northwest. We will share best practices and learn from each other's successes."
Stoneway Electric will continue to operate from its current Spokane headquarters and customer and supplier contacts will remain unchanged.