FARGO, N.D. — Border States Electric (BSE), a 100 percent employee-owned company, reached an agreement to purchase Shealy Electrical Wholesalers, an electrical wholesale supply leader in North and South Carolina with more than 350 employees and 17 locations. Shealy will join BSE August 1, pending regulatory approval.
“We spent a lot of time looking at different leadership and ownership transition options, keeping in mind what would be best for our customers, employees and supplier partners,” said Bill DeLoache, Shealy CEO. “After much consideration, we concluded that an employee stock ownership plan (ESOP) best met these objectives. Border States is a great distributor and an established, top-performing ESOP company.”