Bill Carlton of Little Rock, who grew his family’s electronics supply business to one of the largest private companies in Arkansas, died Monday at age 74.
Carlton’s family said he died peacefully in his sleep from idiopathic pulmonary fibrosis, a chronic lung disease.
Carlton, a Baylor University graduate, spent 35 years working for electronics supplier Carlton-Bates Co. of Little Rock, which was co-founded by his father. He was CEO of the company for 21 of those years, during which time he grew its annual revenue 650% to $276.4 million.
Under his leadership, the company transformed from a supplier of TV antennas and repair equipment to a provider of modern electronics components with 25,000 customers in all 50 states.
“It’s relationship-type selling,” Carlton told Arkansas Business in 2001. “We like to find out what the customer’s pain is and then try to take the pain away with our service. If a customer has a certain type of switch they need, we try to come in and show them their options. Ideally we get in on the design end when they are designing the product and proving to them what value you are bringing to them.”
He sold the company to Wesco International Inc. of Pittsburgh in 2005 for $250 million in cash, which was split among the company’s few shareholders. At the time, Carlton-Bates Co. ranked No. 26 on Arkansas Business’ annual list of the state’s largest private companies.
Carlton then launched a second career as a capital adviser, drawing on the experience gained from a dozen strategic growth acquisitions he closed as head of Carlton-Bates Co. “Deal-making at this level is very much a science and an art,” he told Arkansas Business in 2006.
An obituary for Carlton says that once he retired, he spent several years traveling, reading, building intensive Lego sets and enjoying his family. He was also a philanthropist, supporting organizations including Easter Seals, Alzheimer’s Arkansas, Baptist Health Foundation and Fellowship Bible Church.
Carlton was preceded in death by his son John. He is survived by his wife Patricia, his daughter Joanna and seven grandchildren.
There will be a private graveside service for the family.
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