Do you mean distribution of electrical components or distribution of electricity (power lines)? I've advised a number of distributors of Intelligent Transportation Systems (ITS) products and have worked with a few electric distribution installation and maintenance companies. I'm going to assume electrical components. Look at their suppliers, supplier agreements, geographic exclusivity, bargaining power, etc. Are they value added distribution? Why do customers buy from them vs. another distributor vs. the manufacturer? Gross margins for these companies will tell you a lot about their value prop.

We own install/service businesses in the residential trades space and an industrial distribution business. We are looking at supply houses to fold in. Equally, I have advised transactions in the HVAC and other/miscellaneous distributions companies. Happy to trade notes.