Rockledge, Fla.-based Consolidated Electronic Distributors (CED Marine) has been sold. Terms were not disclosed.
According to a statement, CED Marine’s longtime owner, Jules Rutstein, sold the business to Gregory Borchardt. Established in 1971 as Bethel Marine, the company is one of the country’s largest electronics wholesale distributors. The customer base includes boat dealers, professional installers and boatbuilders.
While Borchardt plans to invest “significant resources to upgrade technology,” according to the statement, the culture and team will remain the same. “I am extremely excited to work with a great group of experienced professionals,” Borchardt said. “We plan to take this operation into the next chapter of growth and success.”
Rutstein, who has owned CED for 19 years, will continue in a consulting and supporting role. “We took great care in selecting a new owner that would be a perfect fit for our company and our employees,” Rutstein said. “I knew that Greg was that person who has the energy and vision that we were seeking.”
Rich Lasby, who has been with CED Marine since the 1970s, will continue as general manager and vice president of operations.