Home Database TMT (Tech, Media, Telecom)123 Elec

10/2020Majority

B & Capital takes majority stake in 123 Elec

FRANCE Media & Internet / E-commerce & Marketplaces / Specialized E-commerce EV €50–150M

Context

B&Capital acquired a majority stake in 123Elec. This transaction allowed the historical investor Capelia to exit while providing the company with a robust financial structure and senior debt to fuel its next expansion phase.

123 Elec, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (13.5x in 2020).

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Target

Founded in 2008, 123 Elec (operating under the corporate name Phase Neutre) is a leading French online distributor of electrical equipment for both professional electricians and DIY individuals. The group offers a vast catalog ranging from core electrical components (cabling, panels) to high-growth segments such as home automation, lighting, security, and photovoltaic systems. Managing nearly 400,000 orders annually with 115 employees.

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

5x–12x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2020

2019

Other operations with 123 Elec

Other operations with 123 Elec
Date	Acquirer	Target	Country	Sector
01/2026	SIPAREX	123 ELEC	FRANCE	Specialized E-commerce

Other operations with B & Capital

Other operations with B & Capital
Date	Acquirer	Target	Country	Sector
10/2026	B & CAPITAL	EDS EMBALLAGE	FRANCE	Plastic Packaging
12/2025	B & CAPITAL	GROUPE PARTIR-VISITEURS (GPV)	FRANCE	Tour Operators

Similar deals in Media & Internet

Similar deals in Media & Internet
Date	Acquirer	Target	Country	Sector
12/2020	PERMIRA	BOATS GROUP	UNITED STATES	E-commerce & Marketplaces
12/2020	JOHN WILEY & SONS	HINDAWI	UNITED KINGDOM	Content & Publishing
09/2020	EQT PARTNERS	IDEALISTA	SPAIN	E-commerce & Marketplaces
09/2020	IAD	NEXIMO	MEXICO	E-commerce & Marketplaces
09/2020	BIP CAPITAL PARTNERS	LA BOUTIQUE OFFICIELLE.COM	FRANCE	E-commerce & Marketplaces
12/2018	INITIATIVE & FINANCE	PRIMELIS	FRANCE	Digital Marketing, SEO, SEA, Data Analytics
11/2018	MATAS GROUP	FIRTAL GROUP	DENMARK	E-commerce & Marketplaces
09/2018	ROCKPOOL INVESTMENTS	PRIMROSE	UNITED KINGDOM	Specialized E-commerce
07/2017	INPROVA GROUP	VALUEWORKS	UNITED KINGDOM	E-commerce & Marketplaces
05/2017	PETSMART	CHEWY	UNITED STATES	E-commerce & Marketplaces

REFERENCES

Valuation range: EV €50–150M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of 123 Elec by B & Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: 123 elec

Acquirer: b & capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in 123 Elec, a French company specialised in E-commerce & Marketplaces, by B & Capital in 2020. Ownership has since evolved, leading to a subsequent transaction with Siparex in January 2026 (see the dedicated deal page for details).

How was the acquisition of 123 Elec by B & Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were 123 Elec’s revenue and EBITDA at the time of the deal?

At the time of the transaction, 123 Elec generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of 123 Elec compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

The estimated multiple of 5x - 12x sits below the sector median of 13.5x recorded in 2020, indicating an attractive entry multiple for B & Capital or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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