Amp Electric Charges Ahead In Ohio With Acquisition Of Gatto Electric Supply

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Sep 24, 2015, 10:00 ET

CLEVELAND, Sept. 24, 2015 /PRNewswire/ -- Element Partners is pleased to announce that Amp Electric, our electrical distribution services company, has completed its first bolt-on acquisition for the platform investment in Leff Electric as part of our strategy to consolidate and build the premier electrical distribution company in Northeast Ohio and surrounding areas.

Gatto's headquarters in Cleveland and its Gatto-Portage Electric Supply Co. in Portage, Ohio, is the first expansion of Amp Electric, led by electrical distribution veteran Richard Worthy.

Under the new structure, Leff and Gatto will consolidate sourcing and back-office operations, but will continue to operate with distinct brands and sales. Through this structure, both companies will benefit from operating synergies that will improve customer service and employee satisfaction while retaining their unique identities and relationships with their customers. Lou Gatto said of the new ownership structure, "Bruce Leff and I have known each other for a long, long time. Even though we're now both owned by Amp, we'll still be competitors… but friendlier competitors."

Gatto Electric Supply was founded by two brothers, Lou Gatto Sr. and Vince Gatto Sr., in the garage of their family home. Their passion for the electrical industry led to the opening of the Cleveland location in 1987 and their Portage location in 1993. Lou Gatto, one of the seven owners in the Gatto family, will continue to lead the operation under the Gatto Electric Supply name.

Amp Electric is continuing to pursue the acquisition of companies that participate in complementary end markets and products in Northeastern Ohio and surrounding regions. Please contact Aaron Parker at 610-947-6411 ([email protected]) with any inquiries or acquisition candidates.

For more information on Leff Electric, visit www.leffelectric.com. For more information on Gatto Electric Supply, visit www.gattoelectricsupply.com.

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Element Partners is a leading growth equity firm dedicated solely to companies providing innovative products, software, and services to the global energy and industrial technology markets. We strive to become long-term partners with passionate business leaders who have built pioneering growth companies in their markets.

We have a long history of providing our portfolio companies with the financial resources, industry contacts, and strategic insights necessary to maximize growth and shareholder return. Our team has successfully managed over $1.25 billion in capital commitments spanning six investment partnerships.

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This press release is for informational purposes and is not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. Element Partners is not utilizing this release to provide investment or other advice, and no information disclosed herein is to be relied upon for the purpose of making investment decisions. Any transactions described are included as representative transactions and are not necessarily reflective of overall performance.

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