Coleman Cable Acquires 2 More Wire Companies
Coleman Cable acquires assets of First Capitol Wire & Cable and Continental Wire & Cable for $7.15 million.
Coleman Cable, Inc. has completed the acquisition of the assets of First Capitol Wire & Cable, as well as the assets of Continental Wire & Cable for a total of $7.15 million.
The purchases mark the second and third buyouts by Coleman in the past month. The company acquired Technology Research Corp. for $51.5 million in March 2011.
First Capitol and Continental are leading manufacturers of industrial wire and cable products used across a number of commercial, utility and industrial end-markets. Both companies have a long-established history of providing customers with high-quality custom wire and cable products, including First Capitol’s design and production of a broad line of high-temperature wire and cable products used in OEM applications, as well as within a number of applications for the energy, commercial and industrial end markets.
“These two acquisitions represent a great opportunity for Coleman to expand its current product offering and build on our growing reputation for producing a wide assortment of high-quality industrial cables,” says Gary Yetman, president and chief executive officer of Coleman. “Further, they allow us to immediately expand our capabilities, product offerings and capacity in serving the growing needs of our industrial end-market customers which continue to be a significant component of our overall platform.”
First Capitol and Continental, both based in York, Pa., were privately-held entities under common ownership prior to the acquisition of their assets by Coleman Cable. The acquisition of the assets of these two companies, whose combined sales were in excess of $10 million for 2010, were structured as all-cash transactions, both of which closed on April 29, 2011.
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