Hughes Buying Utiliserve of Texas for $90M

ORLANDO-Utiliserve Holdings Inc., the nation’s second-largest distributor of parts for electrical transmission and distribution power lines, is joining locally based Hughes Supply Inc. in a $90 million cash deal expected to close in August.

Hughes, traded on the New York Stock Exchange, signed a definitive purchase contract July 19. The deal will put the 73-year-old, family-founded and operated company into a strategic national market share position as the country’s major utility firms gear up for projected 20-year growth periods, according to the trade press.

“As part of our ongoing growth strategy, the acquisition of Utiliserve is an excellent strategic fit, both geographically and through complementary vendor relationships,” Hughes CEO/chairman David H. Hughes says in a prepared statement. “Our financial strength will also allow us to accelerate the growth of our combined businesses through the use of utility alliance contracts and other value-added services.”