US Electrical Services Inc. (USESI), a new company run by Richard Worthy, will expand into New Jersey with the acquisition of Monarch Electric Co., West Caldwell, N.J., effective May 31.
The acquisition is Worthy’s second deal in a few weeks. Worthy, former CEO of Sonepar North America, recently announced he was buying Electrical Wholesalers Inc., Hartford, Conn., one of Connecticut’s largest independent electrical distributors.
Tracing its history to the 1920s, Monarch Electric has two locations in New Jersey, West Caldwell and North Brunswick, and employs more than 70 people. Monarch supplies electrical products to contractor, commercial and industrial customers. The company is ranked the nation’s 150th biggest electrical distributor, according to Electrical Wholesaling’s 2005 Top 200 listing.
According to Monarch owner Steve Perlman, "US Electrical Services is an excellent fit for Monarch. We pride ourselves on local service to our customers and that’s a key part of the USESI strategy. This deal will give Monarch Electric Co. the strength needed to bring the best value to the marketplace."
Monarch Electric will retain its name and operations in New Jersey. Steve Perlman will remain as president of Monarch under the new ownership.
"We are excited to have Monarch join the growing family at US Electrical," said Richard Worthy, president and CEO of US Electrical Services. "Monarch operates in a very strong market and we look forward to serving more customers in the greater New Jersey area."
When Richard Worthy’s noncompete clause with Sonepar SA, Paris, expired earlier this year, he quickly began contacting distributors that he thought would fit into US Electrical Services. Fueling the growth of US Electrical Services will be private-equity capital from MSD Capital, the New York-based family office of Michael and Susan Dell of Dell Computer fame; and Kelso, a 30-year-old private-equity company based in New York. Anyone with inquiries about Electrical Services should contact Richard Worthy at [email protected]