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01/2026

123 ELEC acquired by SIPAREX

FRANCE Media & Internet / E-commerce & Marketplaces / Specialized E-commerce EV €100–350M

Context

Siparex Midcap acquired a majority stake in 123 Elec from B&Capital. This transaction marks the exit of B&Capital after a five-year holding period during which the group doubled its revenue from EUR43m to over EUR90m and realized a 2.5x return on investment. The management team reinvested significantly alongside Siparex and a pool of financial partners including BNP Paribas Developpement. The deal, supported by acquisition debt arranged by Caisse d'Epargne, aims to accelerate 123 Elec's digital lead and diversify its product offering into energy transition equipment.

It is worth noting that the fund B & Capital took control of 123 Elec through an LBO in 2020.

123 ELEC, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

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

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€50–100M
[members only]
[members only]
2024
€50–100M
[members only]
[members only]

Other operations with 123 ELEC

Other operations with 123 ELEC

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
10/2020B & CAPITAL123 ELECFRANCESpecialized E-commerce

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EV/Revenue range: 1x - 3x

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 SIPAREX 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: siparex