Hughes buys remaining shares of bestroute.com
Hughes Supply has acquired the remaining 51% interest of bestroute.com, an online distributor. The wholesaler had owned 49%, and this acquisition brings its total investment in bestroute.com to about $23 million. Bestroute.com will operate as a subsidiary of Hughes Supply.
"We're confident that a closer tie to bestroute.com's experienced management team and technology resources will help fuel innovation at Hughes, and accelerate our own technology deployment, e-commerce plans and business-development program," said David Hughes, chief executive officer.
The current bestroute.com management team will continue to head up the new subsidiary, and its president and founder, Michael J. Gambino, will join the Hughes Supply executive leadership team.
Bestroute.com's headquarters will remain in DeWitt, N.Y., and the company will continue to ship products from its warehouse in Louisville, Ky.
Hughes said this acquisition is only one of several key strategic initiatives the company is taking to increase its operational strength, competitive position and shareholder value.
"We'll be aggressively using technology to communicate, drive down costs, reach new customers and strike new alliances," Hughes said.