The board of directors of theKele Companieshas reached an agreement in principle withThompson Street Capital Partners(TSCP) that will result in TSCP acquiring the Kele Companies includingKele Distribution, PrreCon National Sales, Wentech, Inc.of Memphis, TN andInnovative Equipment Companyof Minneapolis. Thompson Street is a St. Louis-based private equity firm focused on middle market industrial manufacturers and distributors. The Kele Companies are an independent manufacturer and supplier of peripheral control products and services to the building automation industry.

According to Ronnie Randall, president and CEO of Kele, the acquisition represents the achievement of two goals that have been Kele's focus: continued growth and the continuity of the team that forms Kele's culture. "Thompson Street brings the financial resources and expertise that will allow Kele to be the platform company for future growth," he said. "The Kele team will remain intact...and I will continue my role as president and CEO, and can assure our valued customers and quality vendors that the transition will be seamless."