Cape Electrical Supply, a distributor of electrical and communication products and a portfolio company of Svoboda Capital Partners, has acquired Utility Power, a distributor of electrical utility products. This is the sixth add-on acquisition completed by Cape Electrical since being acquired by Svoboda in November 2007.
Utility Power provides electrical utility products for municipalities, electrical service cooperatives, and utility companies. Utility Power’s former owners – Jim Shipp, Mike Kennedy, and Charlie Douthit – will remain active with the company post closing. Utility Power was founded in 2002 and is based near Huntsville in Decatur, AL (no website found).
Cape Electrical Supply 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 operates 20 distribution and retail locations in Missouri, Illinois, Tennessee, Alabama, Arkansas, Texas, and Kentucky. Cape Electrical Supply is headquartered in Cape Girardeau, MO (www.capeelectric.com).
The PrivateBank and Trust Company provided senior debt to complete the transaction.
Svoboda Capital Partners invests from $10 million to $20 million in business services, value-added distribution, and consumer products companies that have revenues from $10 million to $100 million and EBITDAs from $3 million to $15 million. The firm has over $300 million of capital under management and is based in Chicago (www.svoco.com).
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