5/7/2021: OmniCable has agreed to buy Houston Wire & Cable Co. (HWCC) in a $91 million deal that would combine their complementary businesses, products and footprint to create a national leader in the redistribution field.
A press release said that the deal was approved by HWCCโs board of directors, and is expected to get approval at a May 25 meeting of HWCC shareholders. The publicly traded company would then become a private entity of Omni Cable.
The deal โwill maximize OmniCableโs and HWCCโs highly complementary operations,โ the release said. The combined company will also continue HWCCโs fastener redistribution business. Following the close of the transaction, each company will retain its own brands and its existing locations. โOur shared central focus on redistribution, logistical expertise, and unyielding pursuit of perfection for our business partners will drive both businesses to enhance the value that we bring to the marketplace,โ said Jeff Siegfried, OmniCable founder and vice chairman.
HWCC, founded 45 years ago, is a large industrial distributor of wire and cable and fastener products in the U.S. market. Based in Houston, Texas, it has sales and distribution facilities strategically located throughout the U.S. OmniCable, a subsidiary of Dot Holdings Co., has 14 regional distribution centers to serve and support electrical distributors nationwide.
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