CAPE ELECTRICAL SUPPLY, LLC ANNOUNCES ACQUISITION OF CUMBERLAND ELECTRIC SUPPLY
CHICAGO, November 1, 2010 – Cape Electrical Supply, LLC (“Cape”), a portfolio company of Svoboda Capital Partners, LLC (“SC”), is pleased to announce the acquisition of Cumberland Electric Supply (“Cumberland”). The transaction is the fourth add-on acquisition for Cape since SC invested in November 2007. Madison Capital Funding LLC provided senior debt and PNC Mezzanine Capital provided subdordinated debt to complete the transaction. Specific terms of the transaction were undisclosed.
Based in Somerset, Kentucky and founded in 1961, Cumberland provides electrical products primarily to regional contractors. “One of Cumberland’s strengths is the diversity of its customer base,” said Cape Electric President Allen Toole. “The addition of Cumberland to Cape’s geographic footprint expands our regional presence in Kentucky, giving us contiguous coverage throughout most of the state,” Toole added.
This marks the fourth acquisition for Cape since mid-2008. In July 2008, the Company acquired Electrical Sales Engineering (“ESE”) in Bowling Green, Kentucky, in December 2008 it acquired Delmo Electric, Inc. in Fisk, Missouri, and in September 2009, it acquired Beck Electric in Kennett, Missouri.
Post-transaction, Cumberland will continue to operate from its Somerset location, bringing Cape’s distribution network to 22 total branches. Marty Mize, General Manager, and Glen Wheeler, Sales Manager, will continue with Cape following the transaction.
About Cape Electrical Supply, LLC
Cape Electrical Supply, LLC, headquartered in Cape Girardeau, MO, is a regional distributor of electrical and communication products serving commercial, industrial and residential contractors, as well as industrial, utility, and retail customers. The Company offers one of the broadest and most extensive portfolios of electrical supplies and equipment, consisting of over 25,000 products that represent many of the top-tier suppliers in the industry. The Company currently operates 22 distribution and retail locations in Missouri, Illinois, Tennessee, and Kentucky. For more information, please visit www.capeelectric.com.
About Svoboda Capital Partners, LLC
Svoboda Capital Partners is a Chicago-based private equity firm that invests in and helps build leading value-added distribution, consumer and business services companies in the lower middle-market. Founded in 1998, SC has $250 million of capital under management. For more information, please visit www.svoco.com.
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