Connexion to Acquire Van Meter Chicago Location
Sale Between Electrical Distributors Helps Achieve Growth Strategies
NEWS RELEASE - CHICAGO, IL (12/03/2018) - AD Electrical Member Connexion, a full-service electrical and lighting supplier in the greater Chicago market, announced today that it will expand its business territory with a fourth stocking location later this month.
“We’ve entered into an agreement to purchase Van Meter Inc.’s Chicago operation at 217 N Western Ave. The purchase is expected to be complete by December 28,” stated David Rosenstein, Connexion’s President and CEO. “Our desire for a larger footprint in Chicago timed well with Van Meter’s shift in focus. We’re adding a prime location and excellent team to our growing business.” Founded in 1928, Van Meter has 15 locations across the Midwest and entered the Chicago market in 2016 with the acquisition of Bright Electric, a predominantly lighting-focused distributor with one location.
Like Connexion, Van Meter is a future-forward company with an aggressive and constantly evolving growth plan. “As we evaluate and prioritize strategic investments in various markets and customer segments, we need to align our resources and investments to the opportunities that best support our growth objectives,” said Lura McBride, President and CEO of Van Meter. “Our 2025 road map specifically includes expanding our expertise in high-tech automation solutions and services, growing our national contractor business, investing in eCommerce, and evaluating multi-location acquisition opportunities.”
Connexion has been serving the Chicago market since 2007 and currently has locations in Buffalo Grove, Evanston, Chicago’s Medical District, as well as two sales offices in downtown Chicago and Lockport, IL. “We are focused on continuing to develop our specialty lighting business which includes the design/build, renovation, MRO, and National Account markets” added Rosenstein. “The book of business Van Meter has built in that space is a perfect fit for our growth strategy.”
According to Rosenstein, Connexion hopes to retain many of Van Meter’s employees and they have hired Josh Patton, an experienced leader in electrical distribution who formerly worked for Van Meter in Iowa and Chicago, as general manager. He said, “We’re excited for the future and are taking important steps to ensure a smooth transition and continued success.”
Both Connexion and Van Meter are members of Affiliated Distributors (AD), a buying and marketing group for independent businesses. “We feel good knowing the business will stay within the AD network,” commented McBride. “I’m confident our people, customers and suppliers in Chicago will thrive as part of the Connexion organization.”