Sequel_Press Release_FINAL_2024-12-20
Sequel Wire and Cable continues to exceed customer expectations and meet growing demand. Formed with the vision of creating a company that would quickly become a meaningful player in the industry, Sequel has had significant success and several expansions. Based on its industry leadership and trajectory, Sequel was approached by well-respected industry veterans with a proposal.
Sequel is officially partnering with Gary Yetman and Jim Coleman to grow the business through an investment by Cuprum Holdings, LLC, to launch a new company, Sequel Wire and Cable Holdings, LLC. This transaction will provide enhanced access to financing, which will speed up planned expansions and create additional capacity to broaden the product offerings. Sequel’s current operating structure remains intact and is now renamed Sequel OEM Group, LLC under Sequel Wire and Cable Holdings. Rich Carr will serve as President and CEO of the Sequel OEM Group. Mike Frigo and Denise Feece will remain in their current roles.
Anticipated Growth and Workforce Opportunities
For employees and the Argos area, this new partnership is great news. Additional skilled employees will eventually be needed to meet the expanded manufacturing capacity as new product lines are introduced. The area continues to be a great place for the expansion of facilities and will remain as the Sequel OEM Group headquarters. Rich Carr shared, “Our new partners respect the established Sequel structure and mission as a foundation for our shared growth.” Sequel’s multi-year status of “Great Place to Work” certifications and the culture of empowering employees were appealing to the new partners’ shared Vision.
“Sequel is committed to constantly evaluating and reacting to ever-changing customer needs and being agile to meet that demand,” said Carr. “This new framework is ideal. We retain what we have built and are able to expand with top industry talent, who we trust to grow with us while upholding our values.”
Vision for Expanded Product Offering
The new entity will be designated as Sequel Low Voltage Group, LLC and will also be under Sequel Wire and Cable Holdings. Jim Coleman is the President and CEO, and Gary Yetman is Executive Chairman of Sequel Wire and Cable Holdings.
Jim Coleman brings over 35 years of entrepreneurial, operational, and M&A expertise to his professional career. He began at Coleman Cable Systems, where he transformed the company from a $2 million surplus wire distributor into a leading manufacturer, growing annual revenues to more than $200 million. After the sale of Coleman Cable in 1995, he founded Genesis, a new low voltage wire and cable manufacturing company, which was ultimately sold to Honeywell in 2004. After the sale, Jim continued with Honeywell, where he oversaw acquisitions, restructurings, and integrations. After leaving Honeywell, he put together a small boutique fund that successfully acquired and exited from eight portfolio Companies.
Gary Yetman has more than 35 years of industry experience with an extensive background in manufacturing and broad experience in electrical, industrial, and retail distribution channels, which have contributed to significant growth in the companies he has helped lead. He served as President, CEO, and Director of Coleman Cable Inc. from 1999 through 2014. Under his leadership, Coleman Cable experienced substantial growth, more than doubling its revenue from its 2006 IPO to its eventual sale in 2014. Gary then went on to be Executive Chairman of Houston Wire & Cable until 2021.
“I have known Rich Carr, Mike Frigo, and Denise Feece for years from working with them at Coleman Cable,” Yetman said. “Their commitment to their employees and customers is unique in our industry, and I am grateful to be part of our new venture. Rich Carr and his team, once again have built an incredible facility and have hired a group of highly talented employees that has positioned the company for accelerated growth over the coming years. I am truly excited about what our team can accomplish together!”
“I am thrilled to be part of this new venture and to help the Sequel team expand into new low voltage products and additional market channels,” Coleman added. “Sequel has the infrastructure and business systems in place that will accelerate our new product launch. Sequel has a great reputation, and their commitment and approach align with our business values.”
Sequel Wire and Cable Holdings, with its Sequel OEM Group and Sequel Low Voltage Group, will operate together to continue to provide the highest quality products and outstanding customer service that you have come to trust.
For more information on Sequel Wire and Cable, visit www.sequelwire.com, email [email protected], or call 574-626-1515
