Southwire Announces Acquisition of Garvin Industries
Addition to enhance product breadth, provide custom products and accelerate innovation
Southwire has acquired Garvin Industries of Franklin Park, Illinois - a 120-year-old manufacturer of electrical, lighting and low voltage products - in a deal advised by BCMS.
Garvin Industries is widely recognized for designing innovative, labor-saving products that provide economical solutions to common installation problems. The team at Garvin can custom design and manufacture products to meet customer specifications.
“As a company, our goal is to grow 50 percent over the next five years,” said Rich Stinson, Southwire’s president and CEO. “To do so, we must be intentional about listening to our customers and creating solutions to meet their needs. The acquisition of Garvin helps us further expand our product offering and will give us a broader opportunity to provide custom solutions for our electrical customers.”
The acquisition includes the company’s manufacturing, distribution and corporate support functions and will add approximately 30 employees to the Southwire family as a part of the company’s Tools and Assembled Products Business Unit.
“Garvin Industries, with its continued focus on customer service, value and innovation, is the perfect addition to our business, with products that are used every day with our core wire and cable products,” said Brandon Moss, Southwire’s president of Tools and Assembled Products Business Unit. “We are excited to welcome Garvin Industries to the Southwire family and look forward to better serving our customers through this growth.”
Garvin was advised by boutique investment bank BCMS, with legal advice from Chamberlain Hrdlicka. The deal price and terms are undisclosed.
Garvin President Bart Garvin added: “Business is good at Garvin, but I believe we can go even further with the backing of a larger entity. Although we have received several approaches over the years, Southwire shares our commitment to great customer service and community involvement, which are important to me.
“I would like to thank Andrew Wood and his team at BCMS for helping us find the perfect partner for this exciting next chapter in our long history.”
BCMS Senior Vice President Andrew Wood, who closed the deal, commented: “Bart has built up his family firm into a phenomenal business, and the whole team here are very pleased to find a great new home for Garvin, against a backdrop of extraordinarily high market interest.
“The acquisition will be strategically beneficial to Southwire and should enable Bart to move on to new challenges, personally and professionally. I would like to wish both parties the very best for the future.”
A leader in technology and innovation, Southwire Company, LLC is one of North America’s largest wire and cable producers and an emerging influence in the industrial electrical space. Southwire and its subsidiaries manufacture building wire and cable, metal-clad cable, portable and electronic cord products, OEM wire products and engineered products. In addition, Southwire supplies assembled products, contractor equipment and hand tools. For more on Southwire’s products, its community involvement and its vision of sustainability, visit www.southwire.com.