Hagerstown-based Tristate Electrical & Electronics Supply Co. was purchased by the Dutch company Hagemeyer N.V., Tristate CEO John M. Waltersdorf announced Monday.
Waltersdorf will step down as chief executive officer, but will remain a consultant for the company, which has 525 employees in 34 branch offices in Maryland, Delaware, Virginia, West Virginia and Pennsylvania.
No other changes are anticipated as a result of the acquisition.
Waltersdorf's daughter Grayson Oldfather will remain company president and no layoffs are expected, he said.
Tristate Electrical & Electronics Supply Co. was founded in March 1927 by Waltersdorf's father-in-law Robert Stott.
Waltersdorf said they decided to sell the company because "it's an opportunity for us to expand and grow."
"The company share's our values and respect for our employees," Waltersdorf said. "It's an opportunity for our employees."
Terms of the purchase were not disclosed.
Tristate distributes electrical materials and offers technical support and services. The company had $195 million in sales this year, Waltersdorf said.