Jules Rutstein, owner of Consolidated Electronic Distributors, a wholesale distributor of marine electronics has sold the company to consumer electronics industry investor and operator Gregory Borchardt, effective October 1.
Established in 1971, CED Marine carries electronics for navigation, communication, sonar, entertainment, safety/lighting and power equipment. The company’s customer base includes boat manufacturers and dealers and professional installers.
Borchardt plans to upgrade technology to keep up with the company’s rapid growth. “I am extremely excited to work with a great group of experienced professionals, and we plan to take this operation into the next chapter of growth and success,” he said in a statement.
Rutstein will continue with CED Marine in a consulting role. “We took great care in selecting a new owner that would be a perfect fit for our company and our employees, and I knew that Greg was that person who has the energy and vision that we are seeking,” he said in the statement. Rich Lasby, who has been with CED since the 1970s, will continue as general manager and vice president of operations.