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Carrollton-based Southwire Co., an electrical power cable and wire producer, said it will acquire Coleman Cable Inc. of Waukegan, Ill., for about $786 million.
Coleman produces electrical and electronic wire and cable products. The deal’s value includes the assumption of $294 million in Coleman debt. Southwire is also offering $26.25 a share in cash.
Southwire is a 63-year-old Carroll County company with more than $5 billion in annual revenue and about 5,500 employees. Coleman had sales of $685.3 million in the nine months ended Sept. 30 and expects sales of $225 million to $250 million for the fourth quarter.
Southwire Chief Executive Officer Stuart Thorn said his company and Coleman have a shared focus on technology and innovation.
This is Southwire’s first acquisition in several years. In 2010, the company purchased American Insulated Wire’s brands and plant in Douglas, Ga., and Coffeyville, Kan. The same year Southwire acquired Tappan Wire & Cable Inc. Southwire closed an Ontario plant this year.
Coleman also has acquired companies in recent years, including Watteredge, a producer of electrical wire and cable, and First Capitol Wire and Cable and Continental Wire & Cable, both producers of industrial wire and cable products.
The deal with Coleman is expected to close in the first quarter of 2014.
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