Freedom Electronics has announced the acquisition of ESCO Services Inc. (ESCO Michigan) in Sterling Heights, and ESCO Manufacturing (ESCO Florida) in Tampa, which provide aftermarket refurbished electronic parts from locations in Michigan, Colorado, and Florida. Terms of the transaction were not disclosed.
Freedom Electronics is a portfolio company of Charlotte, N.C.-based private equity firm Summit Park.
“ESCO is a very well-respected company with a long history. Both companies share the same values of providing outstanding customer service and a high level of urgency to our customers,” says Patrick Jeitler, CEO of Freedom Electronics. “We are confident that the combination will allow us to expand our relationships with many customers while allowing us to serve a much larger portion of their needs.”
Founded in 1979, ESCO provides aftermarket refurbished electronic parts to distributors and service technicians, primarily serving the retail fueling and petroleum end markets. Its catalogue also includes TVSS/UPS systems, barcode scanner, printers and printer paper, cash drawers, keypads and overlays, and more.
Freedom, headquartered in Kennesaw, Ga., is an aftermarket provider of electronic components, such as printers, screens, and card readers, for use in convenience stores and fueling stations across the U.S. and Canada. The combination of Freedom and ESCO creates one of the largest suppliers of new and remanufactured aftermarket parts in the retail petroleum industry.
“Freedom and ESCO are an exciting combination because it establishes a national platform with leading technical capabilities, expanded sourcing relationships, and a diversified product portfolio driving a better customer experience,” says Mike York, partner at Summit Park. “We continue to be bullish on the aftermarket in the retail petroleum space and think adding ESCO to Freedom positions the business very well going forward.”
