NEWPORT NEWS, Va. - Noland Co. signed an agreement of merger with WinWholesale, a national wholesale distributor. Under the terms of the agreement, which was unanimously approved by a special committee of Noland's board of directors, as well as by both companies' boards, WinWholesale will pay $74 in cash for each Noland share and assume Noland's outstanding debt at closing.

Lloyd Noland, III, chairman and president of Noland, said he felt the timing was right to sell the company, which is publicly traded but controlled by the Noland family through ownership of approximately 62 percent of the outstanding shares.

Rick Schwartz, president and chief executive officer of WinWholesale, said, "We have been looking for a partner whose geographic reach complements WinWholesale's existing local companies. We believe that WinWholesale's and Noland's customers will benefit from our collective 5,100 employees, 530 locations in 43 states, and more than $300 million of inventory ready to serve their needs."