New Berlin-based IEWC announced today it has acquired UK-based Premier Cables Ltd.
Premier Cables distributes cable and accessories used in construction, infrastructure, broadcast and communications, and alternative energy. Its former owners, Jeff Weinstein, Ray Weinstein and Anthony Hopkins, will stay on with the IEWC and lead strategic growth initiatives. The company had about $52 million in 2014 revenue.
IEWC, which distributes wire, cable and wire management products, now has about 495 employees and 27 locations. It has retained Premier’s 50 employees and four UK locations.
“This is an exciting time in the life of Premier Cables,” said Weinstein, who is now managing director of IEWC’s new Infrastructure division. “Our business model has found solid favor in the UK market and the business is looking forward to opportunities to extend its service offering throughout other parts of the world.”
“From the very beginning of our negotiations, it became readily apparent that Premier Cables represented a solid strategic fit in support of IEWC’s global business platform,” said David Nestingen, chief executive officer of IEWC. “Jeff, Ray and Tony are wire savvy business professionals whose leadership skills, commercial talents and industry experience will be most welcomed as IEWC pushes ahead with its growth initiatives.”
IEWC, which in March acquired UK-based Argosy Components Ltd., has made several recent acquisitions to increase its presence in global target markets, and has other acquisitions in the pipeline, said Jim Wojan, chief operating officer.
“Premier Cables brings with it many of the same cultural characteristics that are present within IEWC today,” Wojan said. “This will be a very ‘light integration’ as the Premier Cables business represents new markets, new products and new customers for IEWC. Infrastructure is a new market vertical for us, so we’re pretty happy to add that third market vertical.”