MOORESTOWN, N.J. — Franklin Electric of Moorestown, N.J. and Griffith Electric of Trenton, N.J., has announced the two companies have entered a definitive agreement under which Franklin Electric will acquire Griffith effective January 4, 2016.
Franklin Electric and Griffith Electric are both family established and owned. Franklin was founded in 1920 by William Walker Sr. and is currently owned and managed by William Walker III (third generation). Griffith Electric was founded in 1938 by Bill and Meta Griffith and was run by Meta until 2003, at which time Bill Goodwin was named as the successor.
The acquisition will create significant value for both Franklin and Griffith customers, as together the two organizations will be able to further capture the growth opportunities created by the rapidly evolving and changing electrical supply industry in the Philadelphia and New Jersey markets. Both organizations are members of the national cooperative buying group, IMARK.
“The successful integration of both companies will allow us to better serve our combined customer base and expand our geographic footprint further into central and northern New Jersey,” comments Bill Walker, President and CEO of Franklin Electric. “The synergy between our two organizations is very similar as we place a high value on taking care of our customers and our associates, and possess an excellent reputation among customers and suppliers.”
With the merger in place, Franklin plans to increase the number of its associates and locations, enhance its expertise and exposure in profitable counter business, and diversify markets to include state and institutional business and small contractors.
“This is the coming together of two great companies with similar cultures,” added Griffith President Bill Goodwin, “and we very much look forward to being a part of Franklin Electric. Together our companies represent over 170 years of experience in the electrical industry.” -tED magazine