Consolidated Electronic Distributors/CED Marine, a wholesale distributor of marine electronics, has announced the sale of the company by long-time owner Jules Rutstein to veteran consumer electronics industry investor and operator Gregory Borchardt, effective as of Oct. 1, 2019.
Established in 1971, CED Marine carries well-known marine electronics brands from top manufacturers for navigation, communication, sonar, entertainment, safety & lighting, and power equipment. Their customer base includes boat dealers, professional installers and boat manufacturers nationwide.
While Borchardt plans to invest significant resources to upgrade technology to keep up with the company's rapid growth, he said the core culture and team will remain in place.
"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," Borchardt said. "If you are the type of dealer that values superior customer service and product knowledge, along with competitive prices, then CED Marine is the distributor to call."
CED Marine said employees will continue to provide vendors and customers with the highest level of service and product knowledge in the industry, and current inventory and manufacturer lines will remain the same.
Rutstein, owner of the company for the past 19 years, will continue with CED in a consulting and supporting role to ensure a seamless transition.
"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 were seeking," Rutstein said.
Rich Lasby, who has been with CED Marine since the 1970s, will continue as the General Manager and VP of Operations.