DEFIANCE, Ohio - April 7, 2003 - Northwest Controls, Inc. announced today its acquisition by Crescent Electric Supply Company, a recognized leader in the distribution industry. The purchase price and transaction terms were not disclosed.
Northwest Controls, Inc., has a national reputation as one of the leading regional high-tech and control distributors in the United States. With nine locations throughout the state, Northwest Controls has had a presence in Ohio for over 31 years. Focused primarily on automation and control products, systems and services, Northwest Controls is a major supplier to many automotive manufacturers such as Ford, General Motors, and Honda.
Based in East Dubuque, Illinois, Crescent Electric Supply is one of the nation's largest distributors, offering a full range of electrical, electronic, control, automation and voice and data products. Crescent has distribution facilities in 124 locations in 25 states. James R. Etheredge, president of Crescent Electric Supply Company, commented: "Northwest Controls has a superior reputation in the industrial automation controls arena and is consistently ranked as one of the top electrical distributors in the United States. This acquisition will advance important strategic objectives for Crescent Electric Supply, including expanding our geographic reach and customer base as well as the scope of sophisticated electrical products and services we offer the marketplace. We are pleased to welcome Northwest Controls to the Crescent Electric Supply family."
"Northwest Controls strives to be on the leading edge of automation technology solutions, consistently providing customers exceptional products, technical support and service" said Lewis Scheiderer, president and CEO of Northwest Controls, Inc. "With the excellent reputation and resources of Crescent Electric Supply Company, we will have the opportunity to build on our strong foundation and achieve new levels of growth," added Gerald Monnin, Sr., founder of Northwest Controls, Inc. "We look forward to continuing to meet the needs of our customers."
RSM EquiCo, a leading global investment banking firm for the private middle market, served as a financial advisor to Northwest Controls, Inc., initiating, negotiating and structuring the transaction.
About Northwest Controls, Inc.
Northwest Controls, Inc. was founded in 1971 as an electrical wholesaler, providing electrical and automation products and components, as well as, value-added services such as training and safety consulting engineering to original equipment manufacturing (OEM), automotive and miscellaneous manufacturing markets. Based in Defiance, Ohio, the company currently serves more than 1,700 customers and supports eight primary product/service lines: motor control products, automation products, miscellaneous products, sensors, safety products, electrical enclosures, engineering services and customer training.
About Crescent Electric Supply Company
Founded in 1919, Crescent Electric Supply Company is headquartered in East Dubuque, Illinois and currently operates more than 124 locations nationwide. Over the years, the company has added numerous manufactures' lines of supplies and apparatus. Among the prominent lines the company represents are Thomas & Betts, Square D, Lithonia Lighting, Cooper Lighting, GE Industrial, GE Lighting and GE Fanuc. Crescent Electric meets the needs of six main sectors: industrial, commercial, institutional, utilities, electrical contractors, and voice & data. Most recently Crescent Electric established itself firmly in the factory automation products market by offering advanced automation equipment and solutions with the technical personnel to sell and service the market.
About RSM EquiCo, Inc.
RSM EquiCo, Inc. is a leading global investment banking firm specializing in mergers and acquisitions, divestitures and corporate finance for private middle-market businesses. RSM EquiCo has approximately 270 professionals and support personnel in the U.S., with additional staff and resources in London. Based in Costa Mesa, California, RSM EquiCo is a wholly owned subsidiary of H&R Block Inc.