Bevco Engineering Co., a Sussex-based manufacturer, has been acquired by IEWC, a global distributor of electric wire and cable products, for an undisclosed price. The transaction was closed on March 31.
Bevco designs and builds electrical control systems and panels for various industries, including healthcare, electric vehicles, and industrial markets. With approximately 100 employees, the company aims to double in size before its CEO retires at age 62.
IEWC, an employee-owned company with around 780 employees, has been named a Future 50 company by BizTimes Media. The deal brings unique capabilities to IEWC’s business, including wire processing and kitting skills.
The acquisition is expected to drive growth primarily through the data center construction boom and increasing demand within the medical industry. IEWC’s president and CEO, Mike Veum, stated that the acquisition will help simplify and accelerate customers’ businesses.
Bevco’s employees have already become part of IEWC’s Employee Stock Ownership Plan (ESOP) structure, earning credit for their time worked at Bevco. The deal is seen as a long-term investment by both companies, with neither deterred by economic uncertainty.
TKO Miller, a Milwaukee-based investment bank, served as advisor to Bevco throughout the acquisition process.
Source: https://biztimes.com/iewc-acquires-bevco-engineering-expansion