Business

Robins electrical contractor Price Electric entering Iowa City market

Price Electric will acquire Homewood Electric

(FILE PHOTO) Alex Wright, journeyman electrician with Price Electric, places a board to hang a ceiling fan as they work on one of three Habitat for Humanity houses being built in five days as part of Cedar Valley Habitat for Humanity and Greater Cedar Rapids Housing and Building Association's Home Builders Blitz in Cedar Rapids on Monday, Jun. 4, 2018. (Stephen Mally/The Gazette)
(FILE PHOTO) Alex Wright, journeyman electrician with Price Electric, places a board to hang a ceiling fan as they work on one of three Habitat for Humanity houses being built in five days as part of Cedar Valley Habitat for Humanity and Greater Cedar Rapids Housing and Building Association's Home Builders Blitz in Cedar Rapids on Monday, Jun. 4, 2018. (Stephen Mally/The Gazette)

Price Electric of Robins will be entering the market in the southern end of the Corridor after agreeing to purchase Homewood Electric, a commercial and residential electrical contractor in Iowa City.

Price Electric expects to complete the deal by the end of this month.

The company plans to retain the Homewood Electric brand as a division of Price Electric.

Terms of the transaction were not disclosed.

Homewood Electric is owned by Michael Homewood, who bought the company in 1982 when his father retired. The company’s 30 employees will be joining 142 employed by Price Electric in Cedar Rapids, Manchester and Des Moines.

Homewood Electric provides lighting, electrical wiring and communications technology services to residential and commercial clients. Michael Homewood will join Price Electric after the sale is finalized.

Jeremy Price founded Price Electric — formerly Price Industrial Electric — in 1996 when he was 23. Over the years, the company has grown to have six operating divisions, three branch locations and annual revenues in excess of $20 million.

Price Electric has been a contractor for the University of Iowa Children’s Hospital in Iowa City, The Landing at Iowa River Landing in Coralville and the Cedar Rapids Community School District Educational Leadership and Support Center.

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