With the acquisition, Franklin Electric now operates four additional branch locations in central and southern New Jersey and can capitalize on Griffith’s relationships with electrical contractors in the commercial and residential markets and with customers in the government and institutional markets.
Both businesses are members of the IMARK buying/marketing group.
The companies said in a statement they are similar in their history and culture, and both are family-owned and established.
Moving forward as one company will enable them to grow and evolve in the changing electrical supply industry in the Philadelphia and New Jersey markets, the statement said.
Once fully merged, 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, the statement said.
|Bill Goodwin, president of Griffith Electric|
"This is the coming together of two great companies with similar cultures," Griffith President Bill Goodwin said in the statement. "And we very much look forward to being a part of Franklin Electric."
Griffith Electric, based in South Trenton, has developed a regional reach with branches in Bridgewater, Robbinsville, Lumberton and Langhorne.
"Together our companies represent over 170 years of experience in the electrical industry," Goodwin said.
Franklin was founded in 1920 by William Walker Sr. and Bill Walker represents the third generation to run and own the company.
Griffith Electric was founded in 1938 by the late Bill and Meta Griffith.
Bill Griffith started the company in 1938 after he lost his position as a salesman at another Trenton electric supply company. Meta Griffith, who worked as a secretary at a rival company, followed her husband and they laid the roots for the company's growth, company officials have said.
When Bill died in 1971, Meta took over, making her name as a businesswoman in a male-dominated field and a leader in the local business community, the company said in 2013 at an anniversary celebration.
Meta Griffith passed away in 2010 at the age of 101. Goodwin was named as the successor in 2003, taking over day-to-day operations.