Top-tier positions in the U.S. and Canadian electrical distribution markets; Good end-market and customer diversity across construction, industrial, institutional and government, and utility infrastructure markets; Highly competitive and fragmented industry, with exposure to economic, industrial, and construction cycles; Low fixed-capital intensity but sizeable working capital needs; Stable EBITDA margins at about 6%-7% over the past two years; and Acquisitive growth strategy adds some integration risk. A publicly stated gross leverage target of 2x to 3.5x par debt to EBITDA, though potential acquisitions could result in leverage that may temporarily exceed target levels; Consistent annual free operating cash flow of $200 million or more supports external growth objectives and debt reduction; and Relatively steady operating performance supported by slowly stabilizing end
