Richmond, VA/Baltimore, MD – July 24, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announced the sale of Richmond Electric Supply Co., LLC (“RESCO”) to Locke Supply Co. (“Locke”), an employee-owned distributor of plumbing, electrical, and HVAC products headquartered in Oklahoma City, OK. Previously, RESCO was owned by its management team and RTK Family Capital LLC (“RTK”), a family-owned investment firm based in Richmond, VA.
Jeff Moore, Principal and Founder of RTK, praised the transaction, stating, “We are thrilled with this outcome and the opportunities it brings to [RESCO CEO] Mike Bourn and his team. Matrix’s support has been exceptional, both in this transaction and during our acquisition of RESCO in 2012.”
RESCO, founded in 1983, is a full-line electrical wholesale distributor serving commercial contractors, government agencies, residential contractors, and industrial markets. RESCO has established strong partnerships with industry leaders like General Electric, Siemens, and EATON Cooper Power. Headquartered in Richmond, VA, with locations in Farmville and Norfolk, VA, RESCO has grown into a regional leader in electrical supply.
The transaction was managed by Matrix’s Consumer & Industrial Products Group, led by Managing Director David Shoulders, Vice President William O’Flaherty, and Analyst John Mosser. Mr. Shoulders noted, “It is an honor to support a client across multiple transactions, and we are grateful to have represented Jeff, Mike, and RESCO in this successful deal.”
Mike Bourn, CEO of RESCO, expressed optimism about the partnership, saying, “Our collaboration with Locke will greatly benefit our customers, vendors, and employees. I look forward to expanding our presence in the Mid-Atlantic and Southeast with Locke’s support.”
Locke’s President and CEO, John Orman III, welcomed the RESCO team, noting, “This partnership brings limitless growth potential, and we are excited to have Mike and his team join the Locke family.”
Graybill, Lansche & Vinzani, LLC served as legal counsel for RESCO, with McAfee & Taft representing Locke.
