Border States Electric (BSE) of Fargo, N.D., has reached an agreement to acquire Kriz-Davis Co., an electrical distributor headquartered in Grand Island, both companies announced Wednesday.
Both companies are 100 percent employee-owned through employee stock ownership plans (ESOPs).
"Kriz-Davis Co. is a company we have admired for decades. They are a great cultural, geographic and market fit," said Tammy Miller, CEO at Border States. "We are both 100 percent employee-owned American companies serving the construction, industrial and utility markets. We are wired the same way. As owners, we are wired to deliver solutions, value and a customer-first mindset."
"Over the years, we have come to know and respect Border States and their leadership. Our two companies share the same values based on doing wha
t's right for our customers, employee-owners, vendors and communities. Border States also maintains a strong belief in the power of employee-ownership," said Tim Berry, CEO at Kriz-Davis Co. "By joining with Border States, it only adds to the opportunities for customers, vendors and our employee-owners."
Kriz-Davis Co. has been in business for more than 70 years.
With nearly 250 employee-owners, they generate $200 million in annual sales through 19 locations (including Chapman Metering) in Nebraska, Iowa, Kansas, Oklahoma, Texas and Missouri.
As seen in The Grand Island Independent.