Houston Wire & Cable Acquires Southwest Wire Rope and Southern Wire

By Deepika Mala

TMCnet Contributor

 

Houston Wire & Cable has successfully completed the acquisition of Southwest Wire Rope LP, a supplier of custom fabricated lifting equipment and Southern Wire, LLC, a supplier of industrial wire rope and related hardware.

 

The purchase price for the acquisition of both companies was $50 million. However, the price was subject to a working capital adjustment. The company's existing credit facility provided funding for the acquisition.  

 

Mitch Hausman, president of Southwest Wire Rope and Southern Wire, commented, 'This is an exciting time for Southwest Wire Rope LP and Southern Wire, LLC. We look forward to working with the experienced and dedicated management of Houston Wire & Cable Company and with their established national distribution network.'

 

Chuck Sorrentino, president and CEO of HWCC, commented, 'We are extremely pleased with the acquisition of these companies and look forward to expanding our long-term growth initiatives. We are striving for a seamless transition with our employees, customers and suppliers. Collectively, these companies will continue providing the right product, to the right place at the right time.'

 

HWCC headquartered in Houston, Texas holds more than 35 years experience in the electrical industry and is one of the largest distributors of specialty wire and cable and related services in the U.S. electrical distribution market.

 

The sales and distribution facilities of HWCC are found in Atlanta, Baton Rouge, Charlotte, Chicago, Denver, Houston, Los Angeles, Philadelphia, San Francisco, Seattle and Tampa.

 

In related news, Teleflex Inc., a global provider of medical technology products has announced that it has completed the previously mentioned sale of its Rigging Services business to Houston Wire & Cable Company.