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Richmond Electric Supply Company (RESCO), headquartered in Richmond, Virginia, operates as a full-line, stocking electrical wholesale distributor. RESCO serves commercial contractors, the government & military, residential contractors and industrial & OEM markets on a regional and national scale. The Company was founded in 1983 by Darryl Harman opening locations in Richmond and Norfolk. In 2012, Mr. Harman made the decision to exit the business and identified Mike Bourn as the preferred acquirer.
Mike Bourn, an industry leader, was interested in acquiring RESCO, but as CEO of a substantially larger competitor was not in the position to receive financial information and negotiate directly with Mr. Harman. After a brief period of negotiation and due diligence by Mike and his advisor, the principals of RTK Family Capital and Young Capital Partners teamed with Mike to acquire RESCO from its owner in an all cash transaction.
The management buy-in, led by Mike Bourn as the new CEO, enabled RESCO’s owner to capitalize on a liquidity event and succession plan that preserved the Company’s brand, employees and customer base. Since acquisition, the Company has experienced impressive sales and earnings growth.
On July 24th, 2019, the Company was sold to Locke Supply Co., a like-minded distributor of plumbing, electrical and HVAC supplies headquartered in Oklahoma City OK. Locke Supply is employee owned (ESOP) and maintains a strong culture and positive environment for its “associate owners” (employee-shareholders). Locke Supply’s CEO and Mike Bourn established a strong relationship several years ago, leading to discussions and the ultimate sale to Locke. RESCO employees will now be able to enjoy the benefits of employee ownership while still maintaining autonomy in Richmond under Mike’s leadership.
© 2016 RTK Family Capital LLC