TOLEDO, Ohio – Gross Electric, a Toledo, Ohio-based lighting showroom, has acquired Indiana Lighting‘s two stores, one in Indianapolis and one in Greenwood, Ind., for an undisclosed sum.
The transaction writes the next chapter for a fellow family business, said Laurie Gross, whose grandfather founded Gross Electric 115 years ago. It also keeps the lighting showroom world vibrant. People who operate showrooms are in the best spot to buy showrooms, she added.
“I’m passionate about lighting showrooms,” said Gross, who in addition to being president of Gross Electric most recently served as interim president of the American Lighting Association. “I really think it’s important for people in the showroom business to have a succession plan to carry on their showrooms. That’s hard to do. Some sell to private equity, that doesn’t always go very well. I’m trying to think of ways to help our channel to grow and continue to develop.”
In this case, Indiana Lighting had been in business for 50 years and was run by a couple now in their 80s, Gross said. They were ready to retire and had put their business on the market. The owners could not be immediately reached for comment.
“They’ve been around a long time and have a similar mix of products and customers to us. We liked them and their people,” Gross said. “It’s really important when doing something like this to know you have a good team. I don’t want to worry who’s working on a Saturday from three hours away.”
Indiana Lighting has a good team, and a good manager, Gross noted. “That was part of it. We also saw a lot of potential in the retail market. Indianapolis is a big market, we’ve never been in a market this big. It will be interesting to figure out how to reach people.”
Gross Electric and Indiana Lighting carry much of the same product lines from the same vendors, Gross said. The Indiana Lighting store in Indianapolis caters more to the custom builder and the higher-end consumer. The store feels big and well-merchandised, and has a segment of contemporary lighting options, according to Gross.
The Greenwood store, located south of the city, appears to serve a more mid-price market, she said.
In addition to lighting fixtures and electrical supplies, Gross Electric, which operates five stores — two in Ohio and three in Michigan — sells bath and cabinet hardware and a whole range of home décor.
“We will absolutely be bringing that in,” Gross said regarding showcasing home décor in the Indiana stores. “That’s one of the opportunities we also see — a variety of products, not just lighting. We’re looking forward to that.”
Whether or not to change the name of the Indiana stores to Gross Electric is still being decided.
“It’s a major source of conversation. We’re very torn. You’ve got a great name in Indiana Lighting, a great reputation. But on other hand, if you want to appeal to new people, a name change gives an opportunity to bring them in.”
